J.P. Morgan Securities LLC Broker Edward Turley Investment Loss Options
Posted on Tuesday, August 11th, 2020 at 10:05 pm
Erez Law is currently investigating J.P. Morgan Securities LLC broker Edward Turley (CRD# 1872294) regarding unsuitable investment recommendations. Turley has been registered with J.P. Morgan Securities LLC in San Francisco, California since 2009.
Turley has been the subject of six customer complaints between 1999 and 2021, one of which was denied, according to his CRD report. The most recent complaints are regarding:
July 2021. “Claimant alleges exercise of discretion and unsuitable trading. Activity dates 2018 – 2020.” The customer is seeking $18 million in damages.
September 2020. “Claimants alleges exercise of discretion and unsuitable investments. Activity dates August 2016 – July 2020.” The customer is seeking $11.3 million in damages. The complaint is regarding a highly speculative trading investment strategy in highly leveraged margin accounts, including “junk” bonds, foreign bonds, preferred stocks, foreign currencies, exchange traded funds (ETFs), and master limited partnerships (MLPs), as well as unsuitable investments in the energy sector including unregistered Nine Energy Senior Notes. The claimants saw substantial losses when the market collapsed due to the Covid-19 global pandemic in March 2020. Regrettably for the client, it is alleges that Turley and J.P. Morgan ratcheted up the margin balances to over $7.1 million by the end of August 2017. The accounts were over-leveraged and over-concentrated.
September 2020. “Claimants allege unsuitable investment recommendations, exercise of discretion, and recommending an unapproved, outside investment. Activity dates July 2013 – July 2020.” The customer is seeking $5 million in damages.
June 2020. “Claimant alleges exercise of discretion, unsuitable trading and solicitation of an unauthorized private securities transaction. Activity dates 2012-2020.” The customer is seeking $23 million in damages and the case is currently pending. The complaint was regarding common and preferred stocks, fixed income investments, master limited partnerships, foreign currencies, and alternative assets.
May 2020. “Claimant alleges exercise of discretion and unsuitable trading. Activity dates between 2016 and 2020.” The customer is seeking $5 million in damages and the case is currently pending. The complaint was regarding common and preferred stocks, fixed income investments, master limited partnerships, foreign currencies, and alternative assets.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, J.P. Morgan Securities LLC may be liable for investment or other losses suffered by Turley’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.