FORT LAUDERDALE, Fla., Feb. 10, 2011 (GLOBE NEWSWIRE) -- The Law Firm of David R. Chase, P.A., representing investors nationwide and headed by former SEC Prosecutor, announces that it has filed an additional FINRA arbitration claim against J.P. Turner & Company, L.L.C. on behalf of a customer seeking the recovery of his investment losses in Provident Energy 2, LP.
J.P. Turner & Company recommended and sold the Provident investment as safe and secure when, in truth, it was a massive fraud, the arbitration 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 $130,000, in addition to interest, attorney's fees and punitive damages.
The Law Firm 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.stockfraudlawyer.net.
If you or a family member suffered losses in Provident Royalties investments sold through JP Turner and Co. or Securities America, please call me to discuss your options with no obligations and on a confidential basis toll free at: (888)-337-8625.