FORT LAUDERDALE, Fla., March 10, 2010 (GLOBE NEWSWIRE) -- David R. Chase, P.A., www.davidchaselaw.com, a law firm representing investors nationwide and headed by former Securities and Exchange Commission Prosecutor and Special Assistant United States Attorney, David R. Chase, announces that it is has filed a FINRA arbitration claim on behalf of a retiree against J.P. Turner & Company, L.L.C. seeking the recovery of his investment losses.
J.P. Turner & Company recommended and sold the Provident Royalty investment to the retiree as a safe, suitable and income-producing investment when, in truth, it was a massive fraud, the claim alleges. Moreover, J.P. Turner & Company failed to perform adequate due diligence on the investment before approving it for sale to its retail customers and, blinded by the desire to fatten its coffers with commissions and fees, ignored the myriad of red flags, the claim further alleges. Citing the Securities and Exchange Commission's Amended Complaint against Provident Royalties and findings by the Court-appointed Receiver in that case, the claim alleges that none of the Provident entities had audited financial statements, and that there were virtually no internal accounting controls at Provident.
The arbitration claim accuses J.P. Turner of negligence, breach of fiduciary duty, breach of contract and violation of state securities laws, and seeks damages in excess of $300,000, in addition to interest, attorney's fees and punitive damages.
The Law Office of David R. Chase, P.A., based in Fort Lauderdale, Florida, represents investors nationwide in cases against the major Wall Street Firms. The Firm's principal, David R. Chase, has been practicing for over 17 years, is AV-Rated by Martindale-Hubbell -- its highest competence and ethics rating, and previously served as a securities prosecutor for the Federal Government. More about the firm is available on its website at: www.davidchaselaw.com. ;
If you or a family member suffered losses in Provident Royalties investments and wish to discuss your legal rights, or you have information about this matter, please contact:
David R. Chase, Esq.
Law Office of David R. Chase, P.A.
1700 East Las Olas Boulevard
Suite 305
Fort Lauderdale, FL 33301
888-337-8625 (Toll Free)
954-920-7779
Email: david@davidchaselaw.com