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The Monetary Trade Regulatory Authority has barred a 75-year-old former JPMorgan monetary advisor whose prospects have claimed tens of thousands and thousands of {dollars} in damages.
Edward Turley was discharged from JPMorgan in August 2021, after 12 years with the agency, amid allegations of “[l]oss of confidence regarding adherence to agency insurance policies and brokerage order dealing with necessities,” in keeping with BrokerCheck.
Finra barred Turley final week after he refused to seem for testimony associated to “buying and selling in buyer accounts, together with however not restricted to using international foreign money and margin, and the buying and promoting of high-yield bonds and most popular inventory,” in keeping with a letter of acceptance, waiver and consent printed by the business’s self-regulator.
Turley accepted the bar with out admitting or denying the findings, Finra says.
Buyer complaints filed towards JPMorgan in relation to Turley sought a complete of $100 million, in keeping with the Boca Raton, Florida–primarily based regulation agency of KlaymanToskes, which is courting traders who declare to have suffered losses on account of Turley’s administration.
The newest declare towards Turley — filed on behalf of “a Texas businessman who frequented the lunch desk of JPMorgan [chief executive officer] Jaime Dimon” — seeks $56 million in damages, the regulation agency stated.
Based on Finra, Turley’s prospects initiated a complete of 5 arbitrations between 2020 and 2021, typically alleging “improper train of discretion and unsuitable buying and selling,” amongst different violations, in keeping with the letter of acceptance.
4 of the complaints have been settled and one resulted in an arbitration award, the business’s self-regulator says.
Turley entered the monetary providers business in 1988, registering with Morgan Stanley, and he joined JPMorgan from Lehman Brothers in 2009, in keeping with BrokerCheck. He has 10 buyer disputes on his file relationship to 1999.
A JPMorgan spokesperson declined to supply a remark for publication.
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