Broker Joshua Turney Is Expelled By SEC, FINRA

Investor Alert! The Securities and Exchange Commission (SEC) is the latest regulator to bar securities broker Joshua W. Turney (CRD#: 4510219, San Diego, California), who most recently worked for Global Arena Capital Corp. Also, 11 of Turney’s clients contested his sales practices. Here’s more on the incidents involving Joshua Turney.

SEC Bars Joshua Turney

In August 2020, SEC issued an Order barring Joshua Turney from working in various capacities in the securities industry including as broker, dealer, investment adviser and municipal securities dealer. The Order resolves SEC’s allegations of Turney violating federal securities antifraud laws.

Notably, SEC’s bar comes on the heels of a judgement that orders Joshua Turney to stop violating securities laws. That judgement resulted from SEC’s Complaint alleging that at Global Arena Capital Corp, the broker made 3,250 unauthorized trades in 270 accounts. Apparently, the principal value of those transactions exceeded $77,000,000. Supposedly, Turney received $281,914 in unlawful commissions by engaging in deceptive activities.

Turney Barred By FINRA

FINRA barred Joshua Turney in 2015 for violating SEC and FINRA rules in regard to his offer and sale of securities. Notably, Turney opted not to contest FINRA’s findings which included that he recklessly misrepresented facts regarding Senior Secured Zero Coupon Notes issued by Metals, Milling and Mining LLC (MMM) in a private placement offering. FINRA also found that Turney made unsuitable recommendations of MMM. Nearly all investors lost what they invested in MMM.

Client Disputes About Joshua Turney

Evidently, various clients of Joshua Turney have taken issue with his sales practices. For example, one client of both Global Arena Capital Corp and HFP Capital Markets filed a lawsuit in 2015 alleging unsuitable trading of fixed income securities which allegedly caused $796,500 in losses. Evidently, that matter still awaits a resolution. Another 2015 lawsuit from a Global Arena Capital Corp client alleges unauthorized trading and unauthorized commissions. More than $100,000 in damages is alleged by the client. Moreover, a different lawsuit about Turney alleges misrepresentation, negligence and breach of fiduciary duty. That dispute settled through a payment of more than $49,000 to a Capital Growth Financial client.

Did You Experience Losses By Investing Through Turney?Lars Soreide AVVO 2020 Top Lawyer

If you lost money because of Joshua Turney, then contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Turney denies allegations of his sales practice violations.

CONTACT US