Finra Bars Fired JPM Advisor Whose Customers Filed $100M in Claims

November 22, 2022

Edward Turley had been with JPMorgan for 12 years when the firm discharged him in August 2021 over loss of confidence.

The Financial Industry Regulatory Authority has barred a 75-year-old former JPMorgan financial advisor whose customers have claimed tens of millions of dollars in damages.

Edward Turley was discharged from JPMorgan in August 2021, after 12 years with the firm, amid allegations of “[l]oss of confidence concerning adherence to firm policies and brokerage order handling requirements,” according to BrokerCheck.

Finra barred Turley last week after he refused to appear for testimony related to “trading in customer accounts, including but not limited to the use of foreign currency and margin, and the purchasing and selling of high-yield bonds and preferred stock,” according to a letter of acceptance, waiver and consent published by the industry’s self-regulator.

Turley accepted the bar without admitting or denying the findings, Finra says.

Customer complaints filed against JPMorgan in relation to Turley sought a total of $100 million, according to the Boca Raton, Florida–based law firm of KlaymanToskes, which is courting investors who claim to have suffered losses as a result of Turley’s management.

The latest claim against Turley — filed on behalf of “a Texas businessman who frequented the lunch table of JPMorgan [chief executive officer] Jaime Dimon” — seeks $56 million in damages, the law firm said.

According to Finra, Turley’s customers initiated a total of five arbitrations between 2020 and 2021, generally alleging “improper exercise of discretion and unsuitable trading,” among other violations, according to the letter of acceptance.

Four of the complaints were settled and one resulted in an arbitration award, the industry’s self-regulator says.

Turley entered the financial services industry in 1988, registering with Morgan Stanley, and he joined JPMorgan from Lehman Brothers in 2009, according to BrokerCheck. He has 10 customer disputes on his record dating to 1999.

A JPMorgan spokesperson declined to provide a comment for publication.

Contact the reporter: apadalka@money-media.com

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Lawrence Klayman