The Financial Industry Regulatory Authority has barred a former broker for J.P. Morgan who was the subject of multiple client complaints against him, ThinkAdvisor reports.
FINRA released details of the case involving 75-year-old Edward L. Turley in a letter of acceptance, waiver and consent issued Nov. 14.
Turley was discharged by J.P. Morgan in August 2021, and the firm filed a Form U5 the following month stating that the firing was due to loss of confidence concerning adherence to firm policies and broker handling requirements.
According to FINRA, Turley’s customers initiated five arbitrations against him in 2020 and 2021, alleging sales practice violations that included improper exercise of discretion and unsuitable trading. Four of the claims were settled and one resulted in an arbitration award to the client of $4 million for alleged unsuitable securities.
Turley was barred by FINRA for refusing to appear for testimony during the authority’s investigation into one of the arbitrations.
He was found to be in violation of Rule 8210, authorizing FINRA to require members to provide information and testify with respect to one of the authority’s investigations, and Rule 2010, requiring members to observe high standards of commercial honor and just and equitable principles of trade.
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