Edward Turley Allegedly Lost Millions of Dollars with Unsuitable Recommendations
Edward Turley (CRD #: 1872294), a formerly registered broker, has been barred by FINRA, according to his BrokerCheck record, accessed on November 30, 2022. His record features multiple suitability disputes with claims of millions of dollars in losses, including one dispute for over $55 million.
FINRA barred Edward Turley on November 17, 2022, following allegations that he refused to provide on-the-record testimony. Refusing to provide on-the-record testimony is a violation of FINRA Rule 8210.
You can read a copy of the Acceptance, Waiver, and Consent agreement here.
Edward Turley’s investor disputes all allege that he recommended unsuitable investments. FINRA defines unsuitable investments as securities that do not fit the investor’s financial goals and/or risk tolerance.
- On June 23, 2022, an investor alleged that Edward Turley misrepresented investments and engaged in unsuitable trading. The investor is seeking $55,615,696.
- On March 24, 2022, an investor alleged that Edward Turley exercised discretion and recommended unsuitable trades. The investor sought $6,000,000 and the dispute settled for $5,000,000.
- On December 22, 2021, an investor alleged that Edward Turley recommended unsuitable investments leading to a $5,000,0000.
- On July 13, 2021, an investor alleged that Edward Turley recommended unsuitable investments. The investor is seeking $18,000,000; the dispute is pending.
On August 17, 2021, J.P. Morgan fired Edward Turley following allegations that the firm had lost confidence concerning his adherence to firm policies and brokerage order handling requirements.
Settled Investor Disputes
- On September 8, 2020, investors alleged that Edward Turley recommended unsuitable investments and exercised discretion without authorization. The investor is seeking $11,300,000; the dispute was settled for $8,214,856.
- On September 8, 2020, investors alleged that Edward Turley recommended unsuitable investments and an unapproved, outside investment. Recommending outside investments without firm authorization is a type of misconduct called “selling away.” The dispute was settled for $6.1 million.
- On June 19, 2020, an investor alleged that he recommended an unsuitable trading strategy and solicited an unauthorized private securities transaction. The investor sought $23,000,000; the dispute settled for $12.1 million.
- On May 28, 2020, an investor alleged that Edward Turley recommended unsuitable trades and exercised trading discretion without authorization between 2016 and 2020. The investor received an arbitration award of $11,566,405. You can read the Arbitration Award here.
What is an Unsuitable Investment?
FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:
- Financial goals
- Risk tolerance
- Time horizon (i.e., how long the investor plans to hold the investment)
- Investing experience
- Tax status
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:
- 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, contact Kurta Law today. Call 877-600-0098 or email firstname.lastname@example.org.