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Articles Tagged with J.P. Turner

Did you invest with Centaurus Financial, Inc. or J.P. Turner & Co., Inc. and suffer losses in Structured CDs, Structured Notes, Non-Traded Real Estate Investment Trusts (“REITs”), or other investments?  If so, we may be able to help you recover your losses.

The Doss law firm and Shepherd, Smith, Edwards & Kantas are investigating claims on behalf of investors, many of which are retired and current Flour Corp. employees, who have suffered losses at the hands of Centaurus financial advisors who were formerly with J.P. Turner.  Those advisors, in many cases, mismanaged client investment accounts by placing them in high-risk and illiquid structured CDs, structured notes, non-traded REITs and other complicated investments.

Structured products, such as structured CDs and notes, are very complex and highly risky investments that are rarely suitable for most investors.  Similarly, non-traded REITs and other private placement investments are illiquid and risky investments that are not appropriate for most individual investors, especially retirees.  These investments are often sold as being safe and paying higher interest rates than most other investments.  However, the promised higher rates are often only guaranteed for a short time – typically a year – and are much riskier than more traditional investments.  Additionally, with most private placements, the supposed interest payments are often just a return of the investor’s own money, not a rate of return for the investment.  Ultimately, these investments typically lock investors into them long-term, resulting in limited income and often substantial losses.

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 have been invited to work at Summit Brokerage Services Inc., which is also owned by Cetera. Roth has indicated the reason for the closing of J.P. Turner is so its advisers can more swiftly access the complete spectrum of support and services offered by Cetera’s network through business-to-business provider Pershing, LLC. J.P. Turner had worked with a different clearing firm as, reportedly, Pershing had refused to do business with J.P. Turner because of their checkered past.

According to Securities Lawyer and Shepherd Smith Edwards Partner Sam Edwards, “It is not surprising Pershing did not want to clear trades for J.P . Turner as the firm has long had a reputation among those in the industry, and especially attorneys representing customers, as one willing to take on brokers and allow trading that other firms would not permit. This has resulted in our firm representing many J.P. Turner clients over the years and those cases have been among some of the more egregious we have seen.”
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