Ex-J.P. Morgan Broker Ed Turley Investigation
Edward Lawrence Turley, a former J.P. Morgan Securities stockbroker, is under scrutiny following five Financial Industry Regulatory Authority (FINRA) arbitration claims brought by his customers between May 2020 and September 2021.
They are blaming him for their $62.3M in investment losses. This is a huge amount of money to lose under any circumstance. For just five investor cases, the sum is astronomical.
Ed Turley, a San Francisco financial advisor who has been in the industry for nearly three decades, was also an executive vice chairman at J.P. Morgan Securities where he was a top earner. AdvisorHub reported in August 2021 that Turley either stepped down or was fired after 12 years with the firm. He is also a registered investment adviser.
Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is speaking with former customers of Edward Turley who have suffered investment losses to help them determine whether they have grounds for a FINRA arbitration claim to pursue damages.
Please contact our savvy broker misconduct attorneys at SSEK Law Firm today.Top Earning Broker Reportedly Generated $30M in Yearly Revenue
AdvisorHub further reports that as a J.P. Morgan registered representative, Turley was at one point overseeing $1.5B in assets while generating almost $30M in yearly revenue. That is a lot of money to end up in both Edward Turley’s and J.P. Morgan Securities’ pockets. He also was one of the few financial advisors at the broker-dealer to receive the executive vice-chairman title.Customer Disputes Involving Turley According to BrokerCheck:
July 2021: This investor is requesting $18M in damages for allegedly unsuitable trading and exercise of discretion between 2018 and 2020.
September 2020: Also alleging unsuitable trading and exercise of discretion these customers are asking for $11.3M in damages. Former J.P. Morgan broker Steven Foote was also named in this FINRA arbitration case along with Turley. Foote, a New York financial advisor who worked in the industry for 35 years, died in 2019.
The claimants, who are members of the same family, contend that between 2016 and 2020, Foote and Turley made unsuitable investment recommendations, including an unapproved investment and a highly speculative investment strategy.
The latter allegedly involved overconcentrating the family’s money in the energy and financial sectors, which later sustained losses, and buying more securities on margin, which made the claimants’ losses even worse — especially when the market failed in March 2020.
Foreign bonds, high-yield “junk bonds,” exchange-traded funds (ETFs), foreign currencies, and master limited partnerships (MLPs) were allegedly excessively traded for these investors by Ed Turley. They lost more than half of their assets.
September 2020: Claiming unsuitability, an unauthorized investment recommendation, and exercise of discretion, this investor is seeking $5M in damages.
June 2020: This $23M investor claim makes similar allegations against Ed Turley.
May 2020: In an unsuitability case alleging unauthorized trading and exercise of discretion between 2016 and 2020, this claimant is pursuing $5M in damages.
A much earlier customer dispute involving Turley from 1999, seeking $49K in damages while alleging misrepresentations, was denied.
Previous firms where Turley used to be a broker include Lehman Brothers, CS First Boston, and Morgan Stanley & Co.What Should You Do If You Suffered Losses While Working With Ex-J.P. Morgan Broker Ed Turley?
If you are an investor who lost money while working with Edward Turley and you are wondering whether broker misconduct or negligence was involved, your best bet is to speak with seasoned FINRA arbitration attorneys today.
Even though Turley is no longer with J.P. Morgan Securities, this doesn’t mean that you cannot file a securities claim against him and/or his former broker-dealer. However, this is not the kind of case that you want to pursue without a knowledgeable securities law firm fighting for you.Dedicated FINRA Arbitration Lawyers
SSEK Law Firm has the resources, skills, and experience to continue going up against the largest Wall Street firms, including J.P. Morgan, in arbitration, mediation, and litigation. Over more than 30 years, we have represented thousands of high-net-worth investors, retail investors, retirees, and institutional investors and recovered many millions of dollars on their behalf.
Call SSEK Law Firm (800) 259-9010 today or contact us online.