- May 18, 2022
- Ameriprise Financial Services
Jonathan Turner (CRD#: 4853469) is a previously registered Broker and previously registered Investment Advisor.
He entered the securities industry in 2010 and previously worked for Ameriprise Financial Services, LLC.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2022, FINRA sanctioned Jonathan Turner, levying a civil and administrative fine of $5,000, and suspending him from all capacities for three months beginning April 4, 2022 and ending July 3, 2022. The FINRA sanction states, “Without admitting or denying the findings, Turner consented to the sanctions and to the entry of findings that he participated in Private Securities transactions without providing prior written notice to his member firm. The findings stated that in September 2019, Turner accepted a position as chief investment officer for a credit card processing service, with his employment to start in 2020. As the company’s chief investment officer, Turner was responsible for, among other things, creating new investment vehicles and raising investor capital. In December 2019, while associated with the firm, Turner directed two firm customers to the company’s website, recommended they invest, and supplied them with certain forms needed to purchase the company’s securities. One customer invested $100,000 and funded the investment with cash from a personal bank account. The other customer invested $100,000, using the proceeds of stock liquidations from an account at the firm that Turner facilitated. Turner received no commissions or other compensation regarding these transactions. Turner did not provide written notice to the firm prior to participating in the customers’ Private Securities transactions with the company. In addition, Turner incorrectly certified in the firm’s annual compliance attestation that he had not engaged in any Private Securities transactions that were not previously cleared by the firm.”
For a copy of the FINRA sanction, click here.
Jonathan Turner has no additional disciplinary history.
For a copy of Jonathan Turner’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
FINRA Rule 3280 provides: “No person associated with a member shall participate in any manner in a private securities transaction except in accordance with the requirements of this Rule. Prior to participating in any private securities transaction, an associated person shall provide written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction; provided however that, in the case of a series of related transactions in which no selling compensation has been or will be received, an associated person may provide a single written notice.”
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
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