The White Law Group is investigating J.P. Turner and Company Complaints
Have you suffered losses investing with J.P. Turner and Company? The securities attorneys at the White Law Group may be able to help you to recover your losses by filing a FINRA Dispute Resolution Claim.
J.P. Turner and Company is one of numerous independent broker dealers who has merged into Cetera Financial Group over the past few years. Cetera reportedly has $115 billion in assets under management, as of December 31, 2022. While J.P. Turner is no longer registered with the Financial Industry Regulatory Authority (FINRA), it is possible you may still have a viable claim.
Summit Brokerage and J.P. Turner and Company were two of several independent broker dealers (Including Cetera), purchased by Nicholas Schorsch, and RCAP Holdings. RCAP Holdings was part of a $23 million accounting scandal involving the real estate investment trust (REIT), American Realty Capital Properties in October 2014.
J.P. Turner and Company was known as a large seller of alternative investments such as Schorsch’s nontraded real estate investment trusts, including ARC New York City REIT and American Realty Capital Hospitality Trust, (now known as Hospitality Investors Trust). To learn more about the risks of investing in non-traded REITs, please see Did your Financial Advisor Recommend Investing in Non-Traded REITs?
According to the firm’s FINRA broker report, J.P. Turner has a history of broker misconduct and disciplinary actions with 42 disclosure items including more than 25 regulatory actions and 12 arbitrations.
The White Law Group continues to investigate potential claims involving J.P. Turner and Company and the liability the firm may have for improper investment recommendations to its clients. If you have suffered losses with J.P. Turner, our securities attorneys may be able to help you.
J.P. Turner and Company Disciplinary Actions
Three of J.P. Turner’s former managers, including the firm’s former president were suspended or barred from the securities industry by regulators, according to an article in The Street. One supervisor was reportedly suspended from acting as a principal for two months after a rogue broker under his charge allegedly made 335 unsuitable mutual fund switches in the accounts of 54 customers.
In January 2013, J.P. Turner and Company also found themselves in hot water with the Financial Industry Regulatory Authority (FINRA) for sales of unsuitable leveraged and inverse exchange-traded funds (ETFs) and for excessive mutual fund switches. The self-regulator ordered J.P. Turner to pay $707,559 in restitution to 84 customers.
FINRA found that J.P. Turner failed to establish and maintain a reasonable supervisory system and instead supervised leveraged and inverse ETFs in the same manner that it supervised traditional ETFs. The firm also failed to provide adequate training regarding these ETFs.
In December 2017, FINRA censured three Cetera firms, Investors Capital Corp., J.P. Turner & Co. and VSR Financial Services for selling Class A shares with a front-end load, or Class B or Class C shares to customers who were eligible for Class A shares without a load.
The firms agreed to pay restitution in the amounts of $437,674, $213,137 and $47,801, respectively.
According to the AWCs, the three firms reportedly charged certain retirement-plan and charitable-organization customers higher-priced versions of the same funds that the customers were eligible to buy at lower cost.
All three firms allegedly failed to establish and maintain written procedures to identify applicable sales charge waivers in fund prospectuses for eligible customers.
In May 2015, the Securities and Exchange Commission reportedly barred three former J.P Turner and Company brokers whose alleged churning of 7 customers’ accounts generated $845,000 in fees and commissions to J.P Turner even as the investors cumulatively lost $2.7 million. Churning refers to a type of securities fraud where the broker excessively trades a customer’s account to generate sales commissions. See: How to Know if your Broker is Churning your Account
J.P. Turner Lawsuits
The White Law Group has represented numerous investors in J. P. Turner and Company claims to recover investment losses.
All broker-dealers have a responsibility to adequately supervise their advisors. They must ensure they have procedures and systems in place to detect broker misconduct. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
The Financial Industry Regulatory Authority (FINRA) operates the largest dispute resolution forum in the securities industry. In fact, FINRA Dispute Resolution is the forum for almost all disputes between investors, brokerage firms and individual brokers. This is mainly because the vast majority of brokerage firms have mandatory arbitration clauses in their account agreements that require investors to file their disputes through FINRA.
If you have suffered losses with investments you purchased through J.P. Turner and Company, the securities attorneys at the White Law Group may be able to help you. For a free consultation, please call the offices at 888-637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group. The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.
For more information on The White Law Group, visit whitesecuritieslaw.com.
Tags: Cetera firms, FINRA lawyer, Hospitality Investors Trust, Is J. P. Turner now Cetera?, J.P Turner complaints, J.P Turner lawsuits, New York City REIT, Securities Attorney Last modified: February 27, 2023