Securities & Stock Broker Fraud Blog
Miller Stern Lawyers is currently investigating claims against J.P. Morgan. According to Advisor Hub and industry records, J.P. Morgan Advisors was ordered to pay $4 million in damages to a former client in their San Francisco office.
Industry records confirms that Lacey Winston Keath alleged unsuitability in filings against J.P. Morgan’s traditional brokerage unit in high-risk equities and junk bonds–without authorization, according to the Financial Industry Regulatory Authority award.
A J.P. Morgan spokeswoman declined to comment on the arbitration outcome or underlying dispute.
According to Advisor Hub, the broker on the accounts may be Turley, whose CRD record includes a summary of the complaint from Keath, although to be clear he was not named in the complain filed.
According to the award, “At the hearing, Claimant requested compensatory damages in the amount of $11,566,405.00, expenses in the amount of $75,843.30, and attorneys’ fees based on a contingency fee of 30% of the net recovery.”
The claims in the case, according to the award, were:
Breach of contract and warranties,
Promissory estoppel
Violation of Consumer Protection and Deceptive Trade Practices Act
Violation of state securities laws
Statutory fraud
Breach of fiduciary duty
Negligence and gross negligence
Misrepresentation/omission and negligent misrepresentation/omission
Unjust enrichment
Failure to supervise
Common law and statutory claims
Vicarious and control person liability
According to Advisor Hub Keath’s attorneys Samuel B. Edwards of Shepherd Smith Edwards & Kantas in Houston, Texas, and Jeffrey R. Sonn of Sonn Law Group in Aventura, Florida, also declined to comment.
Turley, a 28-year industry veteran who had been with the J.P. Morgan unit since 2009, could not immediately be reached for comment. He was not named as a respondent to Keath’s arbitration claim
Miller Stern Lawyers, LLC, a Baltimore Securities Fraud Law firm, currently represents investors for claims of investment losses from UIT switching, unauthorized trading, over concentration, irregular options trading, margin and unsuitability claims, broker fraud, securities fraud, securities litigation and other broker and broker/dealers for investment losses and fraud. If you or anyone you know have experienced investment losses from the actions above or other situations, please call 410-LAW-FIRM ( 410-529-3476 ) or fill out the contact us form for a no cost consultation and evaluation of your claim.