Chicago-based Stoltmann Law Offices represents investors who’ve suffered losses from dealing with broker-advisors who’ve placed clients in unsuitable investments.
FINRA, the federal securities regulator, has ordered JP Morgan to pay an investor $4 million for “unsuitable securities — including high-risk equities and junk bonds –without authorization,” according to Advisorhub.com. The JPM client also alleged a JP Morgan broker had “used leverage to increase the bets in her portfolio, including high-risk foreign currency positions.”
The broker on the accounts appears to be Edward L. Turley, Advisorhub reported. Morgan fired Turley, a “star” broker who reportedly generated as much as $30 million in revenue on $1.6 billion in assets, in August. He has $57 million in pending damage claims from four customer complaints on his record tied to losses sustained in last year’s pandemic-triggered market crash, excluding the award in the most recent case.