Ex-J.P. Turner broker accused of excessive trading in elderly client’s account barred by Finra

The Financial Industry Regulatory Authority Inc. has barred a former J.P. Turner & Co. broker who allegedly churned an elderly customer’s account.

From 2011 to 2013, the broker, Anthony Mastroianni Jr., “engaged in excessive trading or churning in an elderly customer’s account maintained at J.P. Turner and then at Alexander Capital” while he was associated with those broker-dealers, according to the Finra settlement released Thursday.

Churning a client account is a common way for brokers to increase their commissions and violates industry rules and regulations.

Mr. Mastroianni also “borrowed funds totaling $90,000 from that customer and an additional customer in four transactions, without notifying his firms or obtaining their approval,” according to the Finra order.

J.P. Turner, which is no longer in business, had a reputation as a home to transactional brokers who at times ran into trouble with regulators and clients.

Mr. Mastroianni, who neither admitted nor denied Finra’s findings in the matter, did not appear before Finra for on the record testimony, according to the settlement.

He could not be reached for comment.

According to his BrokerCheck report, Mr. Mastroianni has seven “disclosure events,” including two pending customer disputes, on his profile. He was registered with J.P. Turner from 2009 to 2012 and then moved to Alexander Capital, where he was registered until 2013.

[See: Adviser pleads guilty to theft of more than $1.6 million]