Accused of Defrauding Plant Workers, Including Retirees Centaurus Financial advisor Ricky Mantei (Mantei Group), formerly a JP Turner stockbroker, is alleged to have been the mastermind behind a large enterprise that spanned four offices in two states and resulted in the retirement savings of many unsuspecting investors being lost. Mantei…
The Financial Industry Regulatory Authority is sanctioning J.P. Turner & Co. for violating a rule mandating that brokers must make sure that municipal securities transactions between a customer’s account and the firm’s account occur at a price that is “fair and reasonable.” The SRO contends that the firm’s supervisory system…
The Financial Industry Regulatory Authority has fined six independent brokerage firms for not giving clients the proper discounts on big sales of business development companies and real estate investment trusts. According to InvestmentNews, the self-regulatory organization has been scrutinizing whether financial firms are giving the appropriate discounts, also known as…
Cetera Financial Group is shutting down one of its brokerage firms, J.P. Turner & Co., shortly after its purchase. Larry Roth, the independent financial network’s CEO, told InvestmentNews that the move is not part of a broader consolidation involving its different firms. About half of J.P. Turner’s 300 investment advisers…
The Financial Industry Regulatory Authority Inc. is fining J.P. Turner & Co., LaSalle St. Securities, and H. Beck Inc. $100K, $175K, and $425K, respectively, for lapses in supervising reports sent to clients. The reports provided asset summaries, and the self-regulatory organization is concerned that they had the potential to hide…
The Financial Industry Regulatory Authority Inc. says that J.P. Turner & Co. has to pay restitution of $707,559 to 84 clients over the sale of inverse and leveraged ETFs that were unsuitable for them, as well as for excessive mutual fund switches. The SRO says that the broker-dealer did not…
The Financial Industry Regulatory Authority is accusing Park Financial Group Inc., JP Turner & Co., and Legent Clearing LLC of inadequate anti-money laundering procedures. The broker-dealers and four persons connected to them have consented to pay more than $1.25 million for failing to detect and report suspect penny-stock transactions. JP…
The Financial Industry Regulatory Authority and J.P. Turner & Co. have reached a settlement agreement over charges that the broker-dealer failed to put in place a proper supervisory system for making sure that its registered representatives charged clients reasonable and fair commissions on stock trades. By agreeing to settle, JP…