Published On: February 11, 2016

The Financial Industry Regulatory Authority (FINRA) sanctioned J.P. Turner & Co. after they found that the firm violated a rule requiring brokers to ensure that all municipal securities transactions between the firm’s account and a customer’s account be done at a “fair and reasonable price,” according to a cnbc.com article on Tuesday. FINRA also stated that the firm’s supervisory system failed to “provide for supervision reasonably designed to achieve compliance with securities regulations related to fair pricing of municipals.” Because of this, Turner was fined $140,000 and ordered to pay $76,743.68 plus interest in restitution to customers.

In a separate case involving the brokerage firm, FINRA said that it failed to prevent registered representatives from making multiple phone solicitations to numbers that were on both the national do-not-call list and the firm’s own list. The regulatory body found that Turner “failed to establish, maintain and enforce a supervisory system that would prevent those phone calls from being made.” Allegedly J.P. Turner stopped using a third-party telemarketer, except for in one of its offices. FINRA censured the firm and fined it $75,000. Turner has more than 30 regulatory events listed on its BrokerCheck file. The firm is now part of Cetera Financial Group and has been since 2014. According to published reports, about half of Turner’s reps were offered positions with Summit Brokerage Services, a firm that is absorbing J.P. Turner.

Disclaimer

The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.

Chicago Investment Fraud Attorneys Offering Nationwide Representation to Investors

If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

Stoltman Law Securities and Investment Fraud Attorneys