JP Turner & Centaurus Lawsuit Alleges Financial Advisor Cindy Chiellini made Unsuitable Investment Recommendations
The White Law Group announces the filing of a second FINRA Lawsuit against J.P. Turner & Co. & Centaurus Financial. The claim, submitted on behalf of a Camden, South Carolina couple alleges claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision.
The Statement of Claim alleges financial advisor Cindy Chiellini unsuitably invested these clients in the following high-risk floating rate, callable notes and one alternative investment:
J.P. Turner & Company, LLC
Capital Asset Funds Tax Exempt Portfolio
American General Financial Corporation
Wells Fargo Bank N.A CD. CLL. FLT.
John Hancock High Yield Fund
HSBC Bank USA N.A McLean VA
Centaurus Financial, Inc.
Morgan Stanley Medium Term SR NTS
Northstar Healthcare Income Inc.
The FINRA claim seeks damages between $50,000 and $100,000.
It is alleged that both Centaurus Financial and J.P. Turner & Co. LLC failed to perform the necessary due diligence on these investments prior to recommending them to these particular investors. Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor.
According to the Financial Industry Regulatory Authority, Cindy Chiellini currently has thirty (30) customer disputes on her broker record for similar allegations.
According to D. Daxton White, managing partner of The White Law Group, “It is unfortunate, but we believe that many more investors have suffered devastating losses due to the broker-dealer’s failure to supervise and don’t realize they have recovery options.”
“Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. If it can be determined that Cindy Chiellini violated FINRA rules and the employers failed to adequately supervise her, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.”
FINRA Dispute Resolution
FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. It provides investors with an opportunity to attempt to recoup their investment losses without filing such claims in court.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information The White Law Group and the lawsuit filed against Centaurus Financial and J.P. Turner & Co. LLC, please contact the firm at 1-888-637-5510 or visit https://www.whitesecuritieslaw.com.