SEC Charges Ex-JP Turner Brokers In $3M 'Churning' Fraud

Law360, New York (September 10, 2012, 8:04 PM EDT) -- The U.S. Securities and Exchange Commission on Monday charged three former brokers at Atlanta-based brokerage firm JP Turner & Co. with allegedly defrauding customers of $2.7 million by "churning" their accounts to generate large commissions.

The SEC initiated an administrative proceeding against brokers Ralph Calabro, Jason Konner and Dimitrios Koutsoubos, claiming they excessively bought and sold stocks in their customers' accounts for the sole purpose of $845,000 in commissions, fees and margin interest. The customers suffered losses of $2.7 million, according to the agency.

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