Investors Seek More than $55 Million in Disputes with Edward Turley
Edward Turley (CRD #: 1872294), a broker formerly registered with J.P. Morgan Securities, has been barred by FINRA, according to his BrokerCheck record, accessed on July 10, 2023. Keep reading to learn more about his alleged conduct as a broker.
Pending Investor Disputes
On May 9, 2023, an investor filed a dispute alleging that Edward Turley made an unsuitable investment recommendation and engaged in misrepresentation and improper use of discretion. The client alleges that this misconduct occurred between 2018 and 2021.
The client seeks $1 million in damages in this pending dispute.
On December 6, 2022, an investor alleged that Edward Turley recommended unsuitable investments from August 2016 to September 2020. They seek $235,000 in this pending dispute.
On June 23, 2022, an investor alleged that Edward Turley misrepresented investments, and engaged in unsuitable trading and improper use of discretion. The investor is seeking $55,615,696 in damages.
FINRA Rule 2111
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile, which describes characteristics such as their risk tolerance, age, and financial goals.
Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.
FINRA Rule 2020
FINRA Rule 2020 bans the use of fraudulent tactics, like deception or manipulation, as they relate to the purchase and sale of securities.
FINRA Rule 3260
FINRA Rule 3260 prohibits brokers from conducting discretionary trading outside discretionary accounts, pre-approved for discretionary trading by the firm and the client.
FINRA Bar
On November 17, 2022, Edward Turley consented to the entry of findings that he allegedly refused to provide on-the-record testimony.
A Letter of Acceptance, Waiver & Consent (AWC) alleged that FINRA requested testimony relating to trading in client accounts, including the use of margin and foreign currency, and to the buying and selling of high-yield bonds and preferred stock.
His counsel allegedly stated his refusal to appear for testimony on November 2, 2022.
The AWC concluded that this alleged refusal violated FINRA Rules 8210 and 2010.
FINRA Rule 8210
FINRA Rule 8210 requires members to supply records, information, and testimony upon request by FINRA.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
FINRA permanently barred Edward Turley on November 17, 2022.
You can read a copy of the AWC here.
Other Settled Disputes
On May 28, 2020, Edward Turley was named in a dispute filed against J.P. Morgan Securities alleging the following:
- Statutory fraud
- Violation of the Consumer Protection and Deceptive Trade Practices Act
- Violation of state securities laws
- Breach of contract and warranties
- Misrepresentations and omissions
- Unjust enrichment
- Failure to supervise
- Gross negligence and other negligence
The client alleged that Edward Turley traded unsuitable securities in her account, including “junk bonds” and high-risk equities. She further alleged that he used leverage to facilitate these trades, including foreign currency positions that further increased the risk in her account.
This dispute was settled for $4 million. You can read the arbitration award here.
FINRA Rule 2150
FINRA Rule 2150 forbids brokers from misusing investors’ funds.
FINRA Rule 3110
FINRA Rule 3110 requires that firms establish supervisory systems to ensure their compliance with securities regulations. Firms must appoint supervisors and provide them with Written Supervisory Procedures (WSPs) to follow.
Termination
On August 17, 2021, J.P. Morgan fired Edward Turley following allegations that the firm had lost confidence with regard to his adherence to firm policies and brokerage order handling requirements.
Background Information
Edward Turley has passed the following exams:
- Series 66 Uniform Combined State Law Examination
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- Securities Industry Essentials Examination
- Series 3 National Commodity Futures Examination
- Series 7 General Securities Representative Examination
He has worked with the following firms:
- J.P. Morgan Securities (CRD #: 79)
- Lehman Brothers (CRD #: 7506)
- CS First Boston Corporation (CRD #: 816)
- Morgan Stanley (CRD #: 8209)
Kurta Law Can Help
If you worked with Edward Turley and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.
Loading...
Reload document 
Open in new tab