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Former J.P. Turner Broker John Lopinto Is Subject Of Customer Complaints

According to the Financial Industry Regulatory Authority (FINRA) former J.P. Turner & Company, LLC (J.P. Turner) broker John M. Lopinto (Lopinto) has had at least two (2) customer complaints made against him. Some of the customer complaints reportedly allege negligence, breach of fiduciary duty, misrepresentation, unsuitable and excessive trading, fraud and churning.

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Lopinto has been working in the securities industry since 2002. Lopinto has been employed with Great Eastern Securities, Inc. from August of 2005 to December of 2006; Pointe Capital, Inc. from January of 2007 to January of 2009; National Securities Corp. from January of 2009 to February of 2010; JP Turner from February of 2010 to August of 2011; and Legend Securities, Inc. from August 0f 2011 to present.

In a 2012 complaint a customer reportedly alleged that Lopinto recommended an unsuitable investment and negligently breached his fiduciary duty in connection to a private placement investment. The complaint was settled for $50,000. In another complaint filed in 2012 a customer reportedly made similar allegations against Lopinto. The customer sought $1 million in compensation; the case was eventually settled for $250,000.

When a broker recommends that a client purchase or sell a security, the broker must have a reasonable basis for believing that the recommendation is suitable for the investor. In making this assessment, a broker must consider the investor’s income and net worth, investment objectives, risk tolerance, and other security holdings.

If you believe you have been the victim of stockbroker misconduct, you may wish to consult an attorney to find out more about your legal rights and options. Investors may contact a securities arbitration attorney at Law Office of Christopher J. Gray, P.C. at (866) 966-9598 or for a no-cost, confidential consultation.

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