HOUSTON, Dec. 15, 2021 /PRNewswire/ -- A FINRA arbitration panel in Texas has awarded a client of Shepherd, Smith, Edwards & Kantas (SSEK Law Firm at investorlawyers.com) $4 million in compensatory damages over losses she sustained while working with ex-J.P. Morgan Securities stockbroker, Edward Turley.
Not only did this ex-San Francisco-based financial advisor unsuitably invest her in products that were too risky, but he and the firm also used a complex strategy that involved borrowing on margin without her knowledge, trading of high-risk equities and junk bonds, as well as the use of significant leverage in foreign currencies to make the trades. The claimant entrusted J.P. Morgan to take care of funds that were supposed to provide for her family. Instead, the brokerage firm and Turley placed her money in a very risky, speculative investment strategy that imploded in March 2020.
Tragically, the client lost millions of dollars while Ed Turley and J.P. Morgan profited significantly from her account.
J.P. Morgan has since fired Turley in the wake of numerous broker misconduct allegations and FINRA investigations. J.P. Morgan continues to be named in other securities claims by Turley's former customers who are collectively requesting more than $55 million in damages.
Shepherd Smith Edwards and Kantas and co-counsel Sonn Law Group represented this investor in her 7-figure FINRA arbitration case that resulted in a $4 million award. We are also continuing to work with and investigate other claims of losses by investors who had Turley as their J.P. Morgan registered representative.
This investor contends that at no time did Edward Turley discuss her financial goals or her investing experience. Other investments that the broker and broker-dealer purchased for this claimant included Master Limited Partnerships ("MLPs"), the AMLP exchange-traded fund ("ETF"), preferred stock, and Granite Point Mortgage Trust.
With nearly three decades in the industry, Turley was at one point managing over $1.6 billion in client assets. Turley was a top-earning J.P. Morgan Securities broker and executive vice president. Yet, Turley and J.P. Morgan made over $80 million in securities transactions without this customer's permission. This was absolutely a violation of securities laws and broker misconduct.
Call our experienced FINRA arbitration lawyers at SSEK Law Firm today so that we can help you explore your legal options. Free Consultations.
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SOURCE Shepherd Smith Edwards & Kantas LLP
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