Gana LLP Files Claim Against JP Turner Over Excessive Trading in a Client's Account

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| Source: Gana LLP

NEW YORK, Dec. 17, 2013 (GLOBE NEWSWIRE) -- Following on the heels of a SEC and FINRA actions, Gana LLP filed an investor claim against J.P. Turner & Company, LLC and National Securities Corp. On November 8, 2013, the SEC issued an order finding that employees of JP Turner engaged in excessive trading and churned customer accounts and its executive vice-president, Michael Bresner, failed to supervise its registered representatives. Churning is generally defined as the act of buying and selling securities for the purpose of generating commissions. The registered representatives named in the SEC action were Ralph Calabro, Jason Konner and Dimitrios Koutsoubos.

In addition, on December 5, 2013, FINRA, the largest independent securities regulator in the United States, also sanctioned JP Turner for $700,000 in restitution for the unsuitable sale of leveraged and inverse Exchange-Traded Funds and for excessive mutual fund switching.

The 125 page SEC order found that JP Turner employed a monitoring system to highlight accounts that may have been churned using various measurements of activity in the accounts. The system identified over 300 hundred accounts that had indications of excessive trading activity but potentially were not properly supervised.

The SEC Administrative Law Judge that rendered the decision against the JP Turner employees said he was "shocked at the cavalier attitude" exhibited toward the churning activity. As a result, all named brokers were barred from the industry and the supervisor was barred from employment in a supervisory role.

"It is incredible that the SEC found over 300 accounts involving over 100 representatives that were generating such high commissions without JP Turner taking appropriate action," said Adam Weinstein, a partner with Gana LLP. "I have dedicated my career to protecting investors and I am appalled by this activity."

The attorneys at Gana LLP have represented hundreds of individual and institutions that have been the victim of financial fraud in arbitrations and in court seeking to recover losses. Gana LLP is a leading law firm nationally for investor protection. Gana LLP has handled cases involving suitability, churning, account supervision, and fraud.

If you were an investor with JP Turner and suspect your account was excessively traded and want a free consultation with an attorney please contact Adam Weinstein at (212) 776-4252 or by e-mail at AWeinstein@GanaLLP.com. You may also visit the firm's website at www.ganalawfirm.com.

Adam J. Weinstein
Gana LLP
450 Seventh Avenue, Suite 1408
New York, NY 10123
(212) 776-4251