TAG | JP Turner & Company
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In an article from InvestmentNews.com, June 7, 2011, Bruce Kelly writes that the litigation stemming from a series of oil and gas private placements that failed two years ago have now ensnared a giant in the clearing and custody business, National Financial Services LLC, a unit of Fidelity Investments.
The trustee overseeing the liquidation of assets of Provident Royalties LLC, which the Securities and Exchange Commission charged with fraud in 2009, last month requested that a federal judge in Dallas issue a subpoena to National Financial. In the court filing, the trustee wants access to retirement account documents of clients of four broker-dealers that sold preferred stock of Provident and used National Financial as a clearing firm.
Bruce Kelly writes that dozens of broker-dealers sold the Provident offerings from September 2006 to January 2009, raising $485 million. Regarding National Financial records, the trustee wants documents of 579 clients who bought $39.1 million of Provident from four firms: J.P. Turner & Co. LLC, Milkie/Ferguson Investments Inc.,National Securities Corp. and Securities America, Inc.
A spokesman for National Financial, said the firm typically does not comment on matters involving its correspondent clearing, broker-dealer clients. Clearing firms do not sell securities but rather hold them for broker-dealers and their clients.
The InvestmentNews.com article goes on to say that calling Provident a “massive Ponzi scheme,” the trustee claimed that the “trustee is entitled to information concerning the relationship between the broker-dealers and their respective clearing houses, and how those funds were transferred, paid for and accounted for by the clearing houses,” the court filing stated.
“As custodial fiduciary, [National Financial] should have agreements with the various broker-dealers they did business with and records for every dollar that went through their controlled account,” according to the filing.
Last year the trustee sued dozens of broker-dealers to claw back revenue and commissions from the sale of Provident.
If you feel you have been an alleged victim of these or other broker-dealers and were sold Provident Royalties private placements, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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J.P. Turner & Company is a relatively new firm. It was founded in 1997 by Tim McAfee and Bill Mello. It has 160 independent branch offices and more than 530 financial advisors throughout the country.
In FINRA’s broker reports, J.P. Turner & Company has been named in numerous regulatory and customer complaints. Through August 12, 2009, J.P. Turner & Company had been named in 21 arbitrations and was the subject of 15 “regulatory events.” As an example, in June 2009, they had a fine of $525,000 and findings that J.P. Turner & Company failed to establish and implement policies and procedures reasonable designed to detect and cause the reporting of suspicious activity as if related to the activities of one former broker. It also found that J.P. Turner & Company failed to obtain required customer information.
Customer complaints against J.P. Turner & Company vary but they include alledged allegations of securities fraud regarding claims of unsuitability, churning, margin, negligence, and breach of fiduciary duty.
Many of these investments were sold by stock brokers and financial advisors around the country. This allows us to pursue a claim on your behalf before the Financial Industry Regulatory Authority nationwide. Call now for a free consultation.
If you feel you are a victim of these alleged fraudulent schemes of J.P. Turner & Company LLC, call a Securities arbitration lawyer for a free consultation on how to recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA and the Financial Industry Regulatory Authority.
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