Edward Turley Investigation
Our investment fraud attorneys are investigating potential claims on behalf of customers of former J.P. Morgan Securities broker Edward Lawrence Turley.
Several clients of Turley have filed claims for relief based on his unsuitable investment recommendation that caused substantial losses. In August 2021, JPMorgan Chase Bank, N.A. terminated Turley for “[l]oss of confidence concerning adherence to firm policies and brokerage order handling requirements.”
If you lost money after investing with Edward Turley, you may have a legal claim. Speak with a Girard Sharp attorney for a free consultation by calling toll-free at (866) 981-4800 or by filling out the form below:
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More About the Edward Turley Investigation
Five Financial Industry Regulatory Authority (FINRA) arbitration claims were brought against Edward Turley, a San Francisco-based former J.P. Morgan Securities broker, between May 2020 and September 2021 alleging that he caused over $62 million in losses for five former customers. Most of the claims against Turley allege unsuitable investment recommendations or unsuitable trading practices
FINRA’s Rule 2090, also known as the “Know Your Customer” rule, requires that brokers have “a reasonable basis to believe a recommended transaction or investment strategy” is suitable based on the investment profile of their customer. Factors that make up an investor’s profile include their age, liquidity requirements, risk tolerance, investment objectives, and other variables.
FINRA records on Edward Turley reveal the following:
- In December 2021 an arbitration panel decided that JP Morgan Securities shall pay a former client of Turley $4,000,000 in compensatory damages. The customer’s claim filed in May 2020 alleged “breach of contract and warranties; promissory estoppel; violation of Consumer Protection and Deceptive Trade Practices Act; violation of state securities laws; statutory fraud; breach of fiduciary duty; negligence and gross negligence; misrepresentation/omission and negligent misrepresentation/omission; unjust enrichment; failure to supervise; common law and statutory claims; and vicarious and control person liability.” The former client alleged that, without her prior approval, Turley traded unsuitable securities in her account, including high-risk equities and “junk bonds” and used leverage to facilitate the trades, such as through foreign currency positions that increased the risk.
The preceding months saw a trail of similar arbitration petitions:
- July 2021: A customer dispute alleged “exercise of discretion and unsuitable trading.” ($18 million in damages requested; dispute is pending.)
- September 2020: A customer dispute alleged “exercise of discretion and unsuitable investments.” ($11.3 million in damages requested; dispute is pending.)
- September 2020: A customer dispute alleged “unsuitable investment recommendations, exercise of discretion, and recommending an unapproved, outside investment.” ($5 million in damages requested; dispute is pending.)
- June 2020: A customer dispute alleged “exercise of discretion, unsuitable trading and solicitation of an unauthorized private securities transaction.” ($23 million requested; dispute is pending.)
- May 2020: A customer dispute alleged “exercise of discretion and unsuitable trading.” ($5 million requested; dispute is pending.)
If you invested with Edward Turley and believe you were recommended unsuitable investments, you may be entitled to collect your losses.
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For a free consultation about your potential claims, contact one of our investment fraud attorneys at (866) 981-4800 or by filling out the form above.