Edward Turley (Edward L Turley/Ed Turley/Edward Lawrence Turley, CRD# 1872294) is a previously-registered broker and investment adviser who last worked for JP Morgan Securities in San Francisco, California.
Turley was previously registered with Lehman Brothers in New York City, CS First Boston Corporation, and Morgan Stanley & Co. Inc. He had worked in the industry since 1988.
Edward Turley has eight disclosures on his publicly-available FINRA BrokerCheck report, including 1 employment separation after allegations and seven customer disputes:
In December, 2021 an arbitration panel decided that JP Morgan Securities shall pay a former client of Turley $4,000,000 in compensatory damages. The customer’s claim was filed in May, 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 claims; 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.” $18 million in damages are requested, and the dispute is pending as of this writing.
September, 2020: A customer dispute alleged “exercise of discretion and unsuitable investments.” $11.3 million dollars are requested, and the claim is pending as of this writing.
September, 2020: A customer dispute alleged “unsuitable investment recommendations, exercise of discretion, and recommending an unapproved, outside investment.” $5 million in damages are requested, and the dispute is pending as of this writing.
June, 2020: A customer dispute alleged “exercise of discretion, unsuitable trading and solicitation of an unauthorized private securities transaction.” $23 million in damages are requested, and the dispute is pending as of this writing.
May, 2020: A customer dispute alleged “exercise of discretion and unsuitable trading.” $5 million in damages are requested, and the dispute is pending as of this writing.
February, 1999: A Customer dispute alleged “misrepresentation, breach of fiduciary duty, and breach of contract.” $49,000 in damages were requested, and the claim was denied.
Allegations Of Unsuitable Trading And Investments – San Francisco Based Edward Turley
Most of the customer disputes against Edward Turley involve 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 claim.
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.
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We handle most cases on a contingency fee basis, meaning that you won’t owe us until we recover your money for you. Contact Silver Law Group toll free at (800) 975-4345 or email firstname.lastname@example.org for a confidential consultation.