This article was originally published in October of 2021. It was most recently updated on August 26, 2022.
Sonn Law Group – a law firm with over 30 years of experience representing victims of financial advisor misconduct – is representing customers of Ex-J.P. Morgan Broker Edward Turley, who currently faces customer complaints totaling over $78M.
Veteran broker Edward Turley – who was recently fired by J.P. Morgan – faces allegations by clients of unsuitability and mismanagement of assets.
NEW: Edward Turley, JP Morgan Face $56M Claim Alleging Misrepresentation and Unsuitable Trading
Sonn Law Group has filed suit against JP Morgan on behalf of investors who have suffered losses due to the alleged misconduct of financial advisor Ed Turley. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
Current Pending Complaints Against Edward Turley and JP Morgan
Edward Turley (CRD#: 1872294) was registered as a broker with JP Morgan Securities LLC in San Francisco from April 2009 until September 2021.
As of the date this article was last updated, Turley has three pending customer complaints listed on his BrokerCheck profile.
RELATED: Sonn Law Helps Secure $4,000,000 Award for Ex-Client of JP Morgan Broker Edward L. Turley
June 23, 2022 – Edward Turley Customer Dispute
Allegations: Claimant alleges exercise of discretion, misrepresentation, and unsuitable trading. Activity dates 2019 – 2020.
Damage Amount Requested: $55,615,696.00
December 22, 2021 – Edward Turley Customer Dispute
Allegations: Claimant alleges exercise of discretion and unsuitable trading. Activity dates 2016-2020.
Damage Amount Requested: $5,000,000.00
July 13, 2021 – Edward Turley Customer Dispute
Allegations: Claimant alleges exercise of discretion and unsuitable trading. Activity dates 2018 – 2020.
Damage Amount Requested: $18,000,000.00
An Overview of Our Client’s Case Against Ed Turley and JP Morgan
The client, a wealthy but unsophisticated investor, claimed that Turley took control of his account in March 2020. From that point, Turley rarely spoke with the client and implemented a risky strategy, putting the client’s savings in danger.
For example, Turley recommended that the client borrow over $3 million from J.P. Morgan to purchase more investments. Rather than being held in a traditional margin account, the debt was being held in foreign currencies, meaning that the client had borrowed millions of Euros and Japanese Yen.
Another example of Turley’s abuse as a financial adviser is the fact that the client’s portfolio was outrageously aggressive and over-concentrated in highly speculative stocks and bonds. The stocks were largely preferred stocks, energy-related stocks, and master limited partnerships (“MLPs”). The stocks being concentrated in only a few areas made them very risky and volatile.
None of the bonds were “investment grade” with several being rated below B-, which is typically a sign that a bond is on its way to defaulting. This type of portfolio would only be suitable for a speculative and experienced investor, which this client was not. The allegations state that Turley essentially treated the client’s accounts as his own, rapidly making trades without authorization from the client.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, J.P. Morgan may be liable for investments or other losses suffered by Turley’s customers.
Contact Sonn Law to Discuss Recovery Options
If you suffered losses investing with Edward Turley or J.P. Morgan, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.