Former San Francisco Financial Advisor Costs Investors Over $62 million
Our FINRA arbitration lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are continuing to investigate investors’ claims of losses sustained while working with ex-J.P. Morgan Securities LLC broker, Edward Lawrence Turley.
Already, SSEK Law Firm has filed a number of FINRA arbitration cases on behalf of customers requesting damages from Turley’s former broker-dealer. To date, investors who worked with Turley have filed FINRA claims alleging more than $62 million in losses.
If you are someone who entrusted former J.P. Morgan Securities registered representative, Ed Turley to manage your investments and you suffered serious investment losses, contact us today.
Turley Accused of Overconcentration, Excessive Borrowing on Margin
According to BrokerCheck, Turley’s former broker-dealer terminated him on August 17, 2021, after 12 years with the broker-dealer. The reason stated for the termination was a “loss of confidence” that he was abiding by both the firm’s policies and the requirements for brokerage order handling.
While the statements made publicly are vague, they do line up with the claims many of the broker’s customers have made to our office. These include that Ed Turley was trading in their accounts without first discussing the trades with the customer, in violation of both J.P. Morgan’s rules as well as FINRA rules.
Turley was a top-earning broker at J.P Morgan Securities. At one point, Turley reportedly was managing more than $1.5 billion in assets, and generating close to $30 million in annual revenue from those customer assets. He was also an executive vice chairman at the firm. In total, he worked 28 years in the industry.
The customers who have accused Turley of broker misconduct say that he overconcentrated their accounts with master limited partnerships (MLPs), junk bonds, and certain preferred stocks. Many of these investments took a huge hit last year in the wake of the COVID-19 pandemic.
Moreover, because many clients’ accounts were highly leveraged (most in foreign currencies), those losses were exacerbated. Some clients were reportedly completely wiped out in less than a month.
Experienced FINRA Arbitration Attorneys
SSEK Law Firm has spent over 30 years pursuing FINRA arbitration claims against big financial firms on behalf of investors. If you were a former customer of Edward Turley or suffered losses when working with other brokerage firms, contact us at (800) 259-9010 for your free case assessment.