Edward Turley Barred After Settling Suitability and Fraud Claims Worth $47 Million

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FINRA barred JP Morgan Securities of San Francisco broker Edward L. Turley after investigating claims of sales practice violations, such as improper exercise of discretion and unsuitable trading. Turley's customers have already pursued five FINRA arbitrations, arriving at four multi-million dollar settlements and one arbitration award totaling $47 million. Several other customer disputes remain pending.

According to the investigation, Edward Lawrence Turley (CRD #1872294)'s use of foreign currency and margin, as well as transacting high-yield bonds and preferred stock drew questions of suitability.

The multi-million dollar claims filed and settled against Turley allege unauthorized exercise of discretion, unsuitable investment recommendations, recommending an unapproved outside investment, unauthorized private security transaction, and unsuitable trading. Pending claims, similarly alleging multi-million dollar losses, also allege Turley engaged in unsuitable trading and unauthorized trading.

A four million dollar arbitration award came about after claims of statutory fraud, breach of fiduciary duty, negligence and gross negligence, misrepresentation, omission, unjust enrichment, and failure to supervise.

In August 2021, after several of these claims had already been filed (the first was in May 2020), JP Morgan Chase Bank discharged Turley, citing a "loss of confidence" in adhering to firm policies and requirements.

Turley's other business activities, according to FINRA BrokerCheck, include 3030 Airport Rd LLC in Napa, California; Strategic Business Inc; and Trumpet Consulting LLC in Kentfield, CA.

If you invested with former JP Morgan broker Edward L Turley or with any investment adviser or representative whose unsuitable recommendations, unauthorized use of discretion or margin in your accounts, misrepresentation, or other fraudulent conduct has proven harmful to your investments or interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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