JP Turner Accepts $525,000 Fine for Supervisory Lapses

By December 2, 2015 September 20th, 2017 News

Brokerage firm J.P. Turner & Company, LLC (“Turner”) has accepted a $525,000 fine from FINRA relating to allegations that it failed to properly supervise its brokers.

According to the Letter of Acceptance, Waiver and Consent that Turner entered into with FINRA, “From January 2008 through August 2009, [Turner] failed to establish and maintain a supervisory system reasonably designed to monitor transactions in leveraged, inverse, and inverse-leveraged Exchanged-Traded Funds (“Non-Traditional ETFs”) . . . In addition, the Firm violated [FINRA rules], through certain of its registered representatives, by making unsuitable recommendations of Non-Traditional ETFs to its customers.”

Turner has been a FINRA member firm since 1997 and has its principal office in Atlanta, Georgia.

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