Broker Edward Turley Barred by FINRA Following Multiple Disputes

Edward Turley (CRD# 1872294, a/k/a “Edward L Turley,” Ed Turley,” “Edward Lawrence Turley,”) is a previously-registered broker and investment adviser who last worked for JP Morgan Securities (CRD#: 79) of San Francisco, California.

Turley was previously registered with Lehman Brothers, CS First Boston Corporation, and Morgan Stanley & Co. Inc., all of New York, NY. He began in the industry in 1988.

Disclosures

Edward Turley has thirteen disclosures on his publicly-available FINRA BrokerCheck report, including one employment separation after allegations and twelve customer disputes:

December 2022: a customer dispute filed by counsel indicate that Turley made “unsuitable investment recommendations. Activity dates August 2016 to September 2020.” The customer requests damages of $235,000.00. This dispute is currently listed as “pending.”

November 2022: following an investigation and five customer disputes, FINRA requested on-the-record testimony from Turley. The allegations all involved violations of sales practices, including unsuitable trading and improper exercise of discretion. FINRA also requested information on related to Turley’s trading in customer accounts, including the use of foreign currency and margin, as well as the purchasing and selling of high-yield bonds and preferred stock on behalf of his customers. Four of these disputes were settled, and one resulted in an arbitration award.

Following FINRA’s requests for on-the-record testimony in the matter, Turley notified FINRA through legal counsel that he would not appear at any time to testify. Following this denial, FINRA then barred him from any association with a FINRA member indefinitely and in all capacities, effective 11/17/2022. In the Acceptance, Waiver & Consent (AWC) letter, FINRA notes Turley’s age of 75.

June, 2022: a customer filed a dispute alleging “exercise of discretion, misrepresentation, and unsuitable trading” from 2019 through 2020. The customer requests damages of $55,615,696.00. This dispute is currently listed as “pending.”

March, 2022: a customer filed a dispute alleging “Claimant alleges exercise of discretion and unsuitable trading” from September 2017 through March 2022. The customer requested damages of $6 million, and the dispute was settled for $5 million.

December, 2021: a customer filed a dispute alleging “exercise of discretion and unsuitable trading” from 2016 through 2020. The customer requests damages of $5 million, and the dispute is listed as “pending.”

December, 2021: an arbitration panel ordered JP Morgan Securities to pay a former customer of Turley $4 million in compensatory damages. The customer’s dispute was filed in May of 2020 and 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 disputes; and vicarious and control person liability. The causes of action related to Claimant’s allegation that, without receiving her authorization, Respondent traded unsuitable securities in her account, including high-risk equities and ‘junk bonds’ and used leverage to facilitate the trades, including foreign currency positions that increased the risk in Claimant’s account.”

August, 2021: JPMorgan Chase Bank, N.A. discharged Turley for “Loss of confidence concerning adherence to firm policies and brokerage order handling requirements.”

July, 2021: A customer dispute alleged “exercise of discretion and unsuitable trading.”  The customer requested $18 million in damages, and the dispute was settled for $12 million. A second identical dispute is still listed as “pending” with no additional information.

September, 2020: A customer dispute alleged “exercise of discretion and unsuitable investments.” The customer requested $11.3 million dollars in damages, and the dispute was settled for $8,214,856.

September, 2020: A customer dispute alleged “unsuitable investment recommendations, exercise of discretion, and recommending an unapproved, outside investment.” The customer requested $5 million in damages, and the dispute was settled for $6.1 million.

June, 2020: A customer dispute alleged “exercise of discretion, unsuitable trading and solicitation of an unauthorized private securities transaction.” The customer requested $23 million in damages and the dispute was settled for $12.1 million.

February, 1999: A Customer dispute alleged “misrepresentation, breach of fiduciary duty, and breach of contract.” $49,000 in damages were requested, and the dispute was denied.

Allegations Of Unsuitable Trading And Investments—San Francisco-based Edward Turley

Most of the customer disputes against Edward Turley include allegations of unsuitable investment recommendations or unsuitable trading.

Unsuitability is a leading cause of investor disputes. Investors rely on the expertise of their brokers and financial advisers to help them put their money into suitable investments.

The Financial Industry Regulatory Authority (FINRA) 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 Rule 2090 is known as the “Know Your Customer” rule and requires that financial advisors use diligence to understand their customer’s investment profile so they can make suitable investment recommendations. If you have investment losses caused by unsuitable investment advice, you may be eligible to recover losses through a FINRA arbitration dispute.

Did You Invest With Edward Turley?

Silver Law Group represents investors in securities and investment fraud cases nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call us today for a no-cost consultation. We can help you determine if investment losses are caused by unsuitable investment.

Our team of lawyers works closely with our San Francisco based co-counsel to pursue disputes of securities and investment fraud. Among other cases, Silver Law Group currently represents the victims of Ken Casey and Professional Financial Investors Inc in a Ponzi scheme class action in San Francisco.

We handle most cases on a contingency fee basis, so you won’t owe us until we recover your money for you. Contact Silver Law Group toll free at (800) 975-4345 or email ssilver@silverlaw.com for a confidential consultation.