J.P. Turner & Company, LLC
At Gana LLP, our FINRA arbitration attorneys represent investors in all areas of dispute with broker-dealers, such as J.P. Turner & Company, LLC (J.P. Turner). Our firm has the experienced securities litigation attorneys needed to analyze your accounts and determine if your broker committed any wrongful conduct. Gana LLP focuses on investigating broker activity and uncovering investment fraud, churning, unsuitable investments, breach of fiduciary duty among other potential wrongful investment activity.
JP Turner is a registered broker-dealer headquartered in Atlanta, Georgia. On June 13, 2014, RCS Capital Corporation (RCS Capital) concluded its acquisition of J.P. Turner. With the acquisition of J.P. Turner, RCS Capital became one of the largest independent broker-dealer networks in the United States. RCS Capital went public in 2013 and is listed on the New York Stock Exchange as “RCAP”.J.P. Turner – By the Numbers:
- CRD# 43177, 124446
- SEC Number 8-50156, 801-67970
- 23 Regulatory Events as of 2014
- 12 Customer Complaints as of 2014
- Total revenue $77,217,151 - 2013
- Representatives: 364 -2013
FINRA v. J.P. Turner & Company, L.L.C. AWC No. 2011026098501 - FINRA ordered J.P. Turner to pay more than $700,000 in client restitution over allegations that the firm failed to establish and maintain a supervisory systems, including written procedures, reasonably designed to monitor transactions in leveraged, inverse, and inverse-leveraged exchange traded funds ( Non-Traditional ETFs). Non-Traditional ETFs are highly volatile products that may not be suitable for all investors. FINRA found that J.P. Turner made unsuitable recommendations in Non-Traditional ETFs and failed to establish and maintain a reasonable supervisory system, including written procedures, in violation of NASD Rules 3010 and 2110 and FINRA rule 2010. In June, 2009, FINRA issued a notice to members regarding investment firm’s obligations to monitor sales practices of Non-Traditional ETFs.
In the Matter of J.P. Turner & Company LLC and William L. Mello, SEC Administrative Proceeding No. 3-15014 – The Securities Exchange Commission (SEC) ordered JP Turner to disgorge $200,000, pay prejudgment interest of $16,051, and pay a civil money penalty of $200,000 regarding allegations that three registered representatives churned the accounts of seven customers. The SEC charged J.P. Turner with failing to establish supervisory procedures and systems reasonably designed to detect and prevent this type of churning activity in violation of Section 15(B)(4)(E) of the Exchange Act and Sections 17(a), Section 10(B) and Rule 10B-5 of the Securities Act.
FINRA v. J.P. Turner & Company, L.L.C., AWC No. 2011025756301 - FINRA sanctioned JP Turner concerning allegations JP Turner failed to establish and enforce reasonable supervisory procedures to monitor the outside brokerage accounts of its registered representatives. In addition, FINRA alleged that JP Turner failed to establish an escrow account on one contingency offering and broke the escrow without raising the required minimum in bona fide investments. Specifically, FINRA found that from April 30, 2010, through August 1, 2011, JP Turner registered representatives were required to have duplicate copies of account statements for personal brokerage accounts sent to their employer member firms. FINRA found that JP Turner’s written supervisory procedures required the firm to maintain a restricted list of securities. In order to monitor employee trading for trades in restricted-list securities JP Turner required an employee to notify the other broker-dealer of their employment with JP Turner and request that duplicate statements be sent to the firm. JP Turner was then supposed to monitor daily the trading activity reflected on statements from outside accounts to determine whether trading had occurred in restricted stocks.
Gana LLP’s securities fraud lawyers have successfully represented hundreds of investors in FINRA arbitration, as well as in securities litigation before both state and federal courts. Our consultations are free and we welcome all inquiries.