{"id":1683,"date":"2015-07-30T20:42:11","date_gmt":"2015-07-30T20:42:11","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/07\/cetera_shutters_jp_turner_clai"},"modified":"2022-03-22T14:26:28","modified_gmt":"2022-03-22T19:26:28","slug":"cetera-shutters-jp-turner-clai","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/cetera-shutters-jp-turner-clai\/","title":{"rendered":"Cetera Shutters J.P. Turner, Claims Move Is Not Part of Broader Firm Consolidation"},"content":{"rendered":"

\t\t\t\tCetera 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<\/em> that the move is not part of a broader consolidation involving its different firms.<\/p>\n

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. <\/p>\n

According to Securities Lawyer and Shepherd Smith Edwards Partner Sam Edwards<\/a>, “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.”
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3880],"tags":[2880,3535],"class_list":["post-1683","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-turner-co","tag-cetera","tag-j-p-turner"],"yoast_head":"\nCetera Shutters J.P. 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