Edward Lawrence Turley (also known as Ed Turley), of San Francisco, California, a stockbroker registered with J.P. Morgan Securities LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Turley failed to testify when FINRA investigated the stockbroker for possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2020067014001 (November 17, 2022).
According to the AWC, FINRA began an investigation into Turley’s trading in customer accounts. In connection with the investigation, FINRA sent a request to Turley to appear for testimony on October 28, 2022. On November 2, 2022, Turley indicated to FINRA that he had received the requests but would not appear for testimony at any time. Therefore, Turley violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure shows that Turley has been referenced in ten total customer initiated investment related disputes concerning Turley’s conduct while associated with securities broker dealers, including J.P. Morgan Securities LLC. On December 9, 2021, a customer initiated investment related FINRA securities arbitration claim involving Turley’s conduct resulted in the customer being awarded $4,000,000.00 in compensatory damages because J.P. Morgan Securities LLC was held liable for sales practice violations. The Statement of Claim alleged that through the stockbroker, J.P. Morgan Securities LLC breached a contract, violated state securities laws, committed fraud, breached fiduciary duties, was negligent, made misrepresentations of material fact, and made omissions of material fact. FINRA Arbitration No. 20-01669. The Statement of Claim alleges that the customer invested in unsuitable junk bonds and foreign currency positions.
Turley was also referenced in a FINRA securities arbitration claim in which the customer requested $5,000,000.00 in damages based upon allegations that Turley made unsuitable recommendations and engaged in unauthorized trading in stocks, foreign currencies, and fixed income products. FINRA Arbitration No. 21-03079 (December 22, 2021).
On January 31, 2022, a FINRA securities arbitration claim involving Turley’s conduct was settled for $8,214,856.00 in damages based upon allegations that Turley made unsuitable recommendations and engaged in unauthorized trading in stocks, fixed income products, master limited partnerships, foreign currencies, and alternative assets. FINRA Arbitration No. 20-03022.
Turley was also referenced in a FINRA securities arbitration claim that was settled for $6,100,000.00 in damages based upon allegations that Turley engaged in unauthorized trading in stocks, made unsuitable recommendations, and engaged in private securities transactions. FINRA Arbitration No. 20-03012 (February 15, 2022).
On March 23, 2022, another FINRA securities arbitration claim involving Turley’s conduct was settled for $12,100,000.00 in damages based upon allegations that Turley made unsuitable recommendations, engaged in unauthorized trading, and engaged in private securities transactions involving fixed income products, master limited partnerships, foreign currencies, and alternative assets. FINRA Arbitration No. 20-01881.
Turley was also referenced in a complaint that was settled on June 13, 2022, for $5,000,000.00 in damages based upon allegations that Turley engaged in unauthorized trading and made unsuitable recommendations of stocks.
On June 23, 2022, a different customer filed an investment related FINRA securities arbitration claim involving Turley’s conduct in which the customer requested $55,615,696.00 in damages based upon allegations that Turley engaged in unauthorized trading, made misrepresentations of material fact, and made unsuitable recommendations of fixed income products, master limited partnerships, foreign currencies, and alternative assets. FINRA Arbitration No. 22-01388.
Turley was also referenced in a FINRA securities arbitration claim that was settled for $12,000,000.00 in damages based upon allegations that Turley engaged in unauthorized trading and made unsuitable recommendations of equities, fixed income products, foreign currencies, and master limited partnerships. FINRA Arbitration No. 21-01780 (October 19, 2022).
Turley was associated with J.P. Morgan Securities LLC in San Francisco, California, as a stockbroker from April of 2009 to September of 2021. J.P. Morgan Securities LLC discharged Turley on August 17, 2021, based upon allegations that Turley failed to comply with order handling policies.
