{"id":5926,"date":"2016-02-05T00:00:00","date_gmt":"2016-02-05T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/02\/municipal_bond_violations_jp_t"},"modified":"2016-02-05T00:00:00","modified_gmt":"2016-02-05T06:00:00","slug":"municipal-bond-violations-jp-t","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/municipal-bond-violations-jp-t\/","title":{"rendered":"Municipal Bond Violations: J.P. Turner to pay $140K to FINRA, SEC Fines Underwriters $4.58M Over False Statements"},"content":{"rendered":"

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\u2019s account and the firm\u2019s account occur at a price that is \u201cfair and reasonable.\u201d The SRO contends that the firm\u2019s supervisory system did not provide the kind of supervision that could achieve compliance with securities regulations involving fair pricing<\/p>\n

As part of the settlement, J.P. Turner will pay a $140K fine and over $76K plus interest in customer restitution.<\/p>\n

The brokerage firm will also pay a $75k fine related to the ongoing use of a third-party telemarketer, which continued after it made the decision to stop using the marketing firm. Because the telemarketer stopped getting a do-not-call list from the firm, it continued to call people on the registry.<\/p>\n

J.P. Turner agreed to settle both cases without denying or admitting to the charges.<\/p>\n

In other news, the Securities and Exchange Commission is charging and fining 14 muni bond underwriting firms for issuing inaccurate information to investors. Collectively, the firms will pay about $4.58M for federal securities law violations that purportedly occurred between \u201911 and \u201914. The alleged violations involved the sale of municipal debt that used offering documents with materially false statements or omissions about borrower compliance as they pertain to disclosure duties. The SEC said that the firms did not perform proper due diligence to identify issues before selling the bonds.Barclays Capital Inc. (BARC), which will pay $500K, Wells Fargo Bank (WFC) N.A. Municipal Products Group, which will pay $440K, Jefferies LLC (JEF)<\/a>, which will pay $500K, and TD Securities USA LLC, which will pay $500K.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s account and the firm\u2019s account occur at a price that is \u201cfair and reasonable.\u201d The SRO contends that the firm\u2019s supervisory system did not provide the kind […]<\/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":[3752,3739,3776,3880],"tags":[],"class_list":["post-5926","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-finra","category-finra-settlements","category-jp-turner-co"],"yoast_head":"\nMunicipal Bond Violations: J.P. Turner to pay $140K to FINRA, SEC Fines Underwriters $4.58M Over False Statements — Investor Lawyers Blog — February 5, 2016<\/title>\n<meta name=\"description\" content=\"The Financial Industry Regulatory Authority is sanctioning J.P. Turner & Co. for violating a rule mandating that brokers must make sure that municipal — February 5, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/municipal-bond-violations-jp-t\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Municipal Bond Violations: J.P. Turner to pay $140K to FINRA, SEC Fines Underwriters $4.58M Over False Statements — Investor Lawyers Blog — February 5, 2016\" \/>\n<meta name=\"twitter:description\" content=\"The Financial Industry Regulatory Authority is sanctioning J.P. Turner & Co. for violating a rule mandating that brokers must make sure that municipal — February 5, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Municipal Bond Violations: J.P. Turner to pay $140K to FINRA, SEC Fines Underwriters $4.58M Over False Statements — Investor Lawyers Blog — February 5, 2016","description":"The Financial Industry Regulatory Authority is sanctioning J.P. Turner & Co. for violating a rule mandating that brokers must make sure that municipal — February 5, 2016","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/municipal-bond-violations-jp-t\/","twitter_card":"summary_large_image","twitter_title":"Municipal Bond Violations: J.P. Turner to pay $140K to FINRA, SEC Fines Underwriters $4.58M Over False Statements — Investor Lawyers Blog — February 5, 2016","twitter_description":"The Financial Industry Regulatory Authority is sanctioning J.P. Turner & Co. for violating a rule mandating that brokers must make sure that municipal — February 5, 2016","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/municipal-bond-violations-jp-t\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/municipal-bond-violations-jp-t\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Municipal Bond Violations: J.P. Turner to pay $140K to FINRA, SEC Fines Underwriters $4.58M Over False Statements","datePublished":"2016-02-05T06:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/municipal-bond-violations-jp-t\/"},"wordCount":386,"articleSection":["Financial Firms","FINRA","FINRA Settlements","JP Turner & Co"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/municipal-bond-violations-jp-t\/","url":"https:\/\/www.investorlawyers.com\/blog\/municipal-bond-violations-jp-t\/","name":"Municipal Bond Violations: J.P. Turner to pay $140K to FINRA, SEC Fines Underwriters $4.58M Over False Statements — Investor Lawyers Blog — February 5, 2016","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2016-02-05T06:00:00+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"The Financial Industry Regulatory Authority is sanctioning J.P. Turner & Co. for violating a rule mandating that brokers must make sure that municipal — February 5, 2016","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/municipal-bond-violations-jp-t\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/municipal-bond-violations-jp-t\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/municipal-bond-violations-jp-t\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Municipal Bond Violations: J.P. Turner to pay $140K to FINRA, SEC Fines Underwriters $4.58M Over False Statements"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards & Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards & Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards & Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-1xA","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/5926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=5926"}],"version-history":[{"count":0,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/5926\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=5926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=5926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=5926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}