SAN FRANCISCO, CA / ACCESSWIRE / November 19, 2022 / The securities fraud law firm of KlaymanToskes reports former San Francisco broker Edward L. Turley has been barred from the securities industry after causing $100 million in customer complaints against JPMorgan (NYSE:JPM).
In early 2020, the complaints alleging excessive and unsuitable trading poured in after the coronavirus pandemic caused a significant market crash. The latest action filed against Ed Turley seeks $56 million in damages for a Texas businessman who frequented the lunch table of JP Morgan CEO Jaime Dimon.
According to Turley’s BrokerCheck report, he was fired from JP Morgan Chase for “loss of confidence concerning adherence to firm policies and brokerage order handling requirements.”
FINRA’s Letter of Acceptance, Waiver and Consent (“AWC“) confirms that Turley refused to cooperate with their investigation of allegations concerning “sales practice violations including improper exercise of discretion and unsuitable trading”. Therefore, Turley violated FINRA Rules 8210, which states that “[n]o … person shall fail to provide information or testimony …” A violation of FINRA Rule 8210 is an automatic violation of Rule 2010, resulting in Turley’s bar from the securities industry.
KlaymanToskes stresses that JPMorgan customers of Ed Turley have options to recover their investment losses. According to securities attorney Lawrence L. Klayman, Esq., “Portfolios with substantial assets require special care and supervision both by the advisor and brokerage firm. JPMorgan failed to supervise Edward Turley, allowing him to mismanage client funds. Therefore, JP Morgan can be held liable in a FINRA arbitration claim.”
Former and current JPMorgan customers that suffered investment losses at the management of Edward Turley are encouraged to contact Lawrence L. Klayman, Esq. at email@example.com or 1 (888) 997-9956 for a free, confidential consultation.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered more than $250 million for investors in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.