A shuttering Atlanta brokerage firm has two more dings on its regulatory record.
J.P. Turner & Company, which has been part of Cetera Financial Group since 2014 — and is in the process of being absorbed into another Cetera-owned brokerage — recently consented to sanctions handed down by the Financial Industry Regulatory Authority, without admitting or denying guilt, in two separate actions.
The cases are included in Finra's monthly rundown of disciplinary actions it has taken against firms and individuals for alleged violations of federal securities laws, rules and regulations.
In the first action involving Turner, Finra found that the firm violated a rule requiring brokers to ensure that all municipal securities transactions between the firm's account and a customer's account be done at a "fair and reasonable" price.
Finra also says the firm's supervisory system failed to "provide for supervision reasonably designed to achieve compliance" with securities regulations related to fair pricing of municipals.
Turner was censured by Finra, fined $140,000 and ordered to pay $76,743.68 plus interest in restitution to customers.
In the second recent case involving Turner, Finra says the brokerage failed to prevent registered reps from making multiple phone solicitations to numbers that were on both the national do-not-call registry and the firm's own list. Finra also found that Turner "failed to establish, maintain and enforce" a supervisory system that would prevent those phone calls from being made.
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