A veteran broker with J.P. Morgan Advisors in San Francisco is no longer with the company following a series of complaints from customers, Advisor Hub reports.
Edward L. Turley had been the subject of five claims that amounted to over $62 million since the start of the pandemic in March 2020, according to his BrokerCheck report. A company spokeswoman confirmed Turley’s departure, which sources said had occurred under pressure.
A report by state securities regulators indicated that clients in Texas, Washington and Ohio had filed claims against Turley in arbitration. Their allegations against him included recommending unsuitable and unapproved investments. The largest of the complaints, totaling $23 million, was filed in June 2020. It alleged “exercise of discretion and unsuitable trading”, along with “solicitation of an unauthorized private securities transaction.”
Another claim, for $11.3 million, was filed in September 2020. The lawyer who filed the claim said the family he represented lost half their assets as the result of what was termed a “speculative, over-leveraged” investment strategy employed by Turley and a former J.P. Morgan colleague. The family’s portfolio suffered substantial losses when the stock market collapsed at the start of the pandemic, the lawyer said.
A broker with J.P. Morgan since 2009, Turley had managed client assets for the firm totaling $1.6 billion. His brokerage career started at Morgan Stanley in 1988.
Turley could not be reached for comment on the report, according to AdvisorHub.
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