FINRA Panel Denies J.P. Morgan's $39.7 Million Claim Against Former Advisor

Posted on February 13th, 2025 at 2:01 PM
FINRA Panel Denies J.P. Morgan's $39.7 Million Claim Against Former Advisor

From the desk of Jim Eccleston at Eccleston Law

A FINRA arbitration panel recently rejected J.P. Morgan Securities’ bid to recover $39.7 million in damages from Edward Turley, a former financial advisor whose alleged misconduct led the firm to incur significant settlement costs. Instead, the panel ordered J.P. Morgan to pay Turley $520,000 in attorneys’ fees and related expenses.

According to Barron’s, J.P. Morgan accused Turley of unjust enrichment and policy violations, claiming his actions caused the firm to face multiple client complaints and financial losses. The FINRA panel did not explain its decision to deny J.P. Morgan’s claim.

Turley, who worked at J.P. Morgan from 2009 to 2021, was terminated following numerous client arbitrations alleging trading violations. In 2022, FINRA barred Turley after he refused to testify during its investigation into one of the cases.

Without admitting or denying FINRA’s findings, Turley signed a FINRA acceptance, waiver, and consent letter, known as an “AWC”, agreeing to the bar from associating with any FINRA member in all capacities.

J.P. Morgan faced substantial financial repercussions from Turley’s alleged actions. Barron’s reports that in 2020, the firm paid over $11.5 million to resolve a customer complaint asserting various claims, including breach of contract, statutory fraud, violation of state securities laws, and breach of fiduciary duty.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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