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JP TURNER & Co, Atlanta, Charged With ‘Churning' Customers' Accounts Over $2.7 Million

On September 10th, 2012, the Securities and Exchange Commission (SEC) alleged three former brokers at JP Turner & Co. in Atlanta, traded excessively in accounts of seven clients from January, 2008, through December, 2009.

The regulators reported that these three brokers churned their client's accounts and received $845,000 in commissions and fees for themselves and JP Tuner. Unfortunately, their customers lost $2.7 million. The brokers, Ralph Calabro, Jason Konner and Dimitrios Koutsoubos, were allegedly said to have disregarded the customers' conservative investment objectives and low risk tolerances.

Michael Bresner, JP Turner's head supervisor, was charged with failing to supervise two of the brokers, according to the SEC administrative complaint. The JP Turner Atlanta firm will pay about $416,000 in penalties.

William Hicks, associate director of the SEC's Atlanta office said, "Broker-dealers' supervisory systems must provide customers with reasonable protection from churning and similar abuses. JP Turner's supervisory systems failed to do that."

If you were a client of JP Turner in Atlanta, or any of the above mentioned brokers, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website and complete our online form at: www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.