Defendant Name:
J.P. Turner & Company, LLC
Defendant Type:
Other
Document Reference:
34-60325-o
Document Details
Legal Case Name
In the Matter of J.P. Turner & Company, LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934
Document Date
17-Jul-2009
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On July 17, 2009, the SEC instituted administrative and cease-and-desist proceedings against J.P. Turner & Company, LLC. According to the SEC: "Between July 1, 2001 and approximately mid-September 2006, J.P. Turner failed to adopt and implement policies and procedures designed reasonably to safeguard customer records and information as required by Rule 30(a) of Regulation S-P (the 'Safeguard Rule') (17 CFR § 248.30(a)). During the relevant period, J.P. Turner employed hundreds of independent contractor registered representatives who worked from multiple branch offices located throughout the United States. Because it never complied with the Safeguard Rule, J.P Turner, among other things, never gave its numerous branch managers or registered representatives guidance on how to protect customer records or how to dispose properly of such records when they were no longer needed. This lack of guidance became apparent in September 2006 when the account records of over 5,000 brokerage customers of J.P. Turner were left abandoned for several weeks at curbside outside of the former home of a J.P. Turner registered representative in Alpharetta, Georgia."
