[ad_1]
Finra has barred a formerJ.P. Morgan Securities monetary advisor who’s the topic of a number of consumer complaints looking for tens of tens of millions of {dollars} in damages.
Finra barred Edward L. Turley, an advisor since 1988, for not responding to the trade self-regulator’s requests for data, in line with a Nov. 14 regulatory report. Turley accepted the ban with out admitting or denying the fees, in line with the report.
Turley’s lawyer, Andy Harvin, notes the disciplinary motion was not for gross sales apply violations. Harvin provides that his consumer is retired and opted to just accept the ban reasonably than expend time and assets litigating the matter.
“He’s 76 years previous and he has no intent to return to the trade,” says Harvin, an lawyer at Houston-based legislation agency Doyle, Restrepo, Harvin, & Robbins.
Turley had been registered with J.P. Morgan Securities, a unit of
JPMorgan
Chase, from 2009 till August 2021, in line with BrokerCheck, a public database maintained by Finra. JPMorgan Chase discharged him that month for “lack of confidence regarding adherence to agency insurance policies and brokerage order dealing with necessities,” in line with a observe the financial institution entered in BrokerCheck.
Till 2020, Turley had solely a single consumer dispute listed on his BrokerCheck document. Since then, 9 purchasers have filed arbitration claims concerning alleged unsuitable investments and different misconduct. JPMorgan has settled 5 complaints for a mixed $41 million, in line with BrokerCheck. In December 2021, a three-person arbitration panel in Houston ordered the financial institution to pay a consumer $4 million for alleged unsuitable securities in her account, together with high-risk equities and junk bonds, in line with the arbitration award. Turley was not named as a respondent in that case.
Three consumer disputes are pending. Traders in these instances are looking for greater than $78 million in mixed damages, in line with BrokerCheck.
Harvin, who was not Turley’s lawyer in prior arbitration proceedings, says his consumer “denies any and all wrongdoing.”
A spokeswoman for JPMorgan Chase declined to remark.
Write to Andrew Welsch at andrew.welsch@barrons.com
[ad_2]
Source link