According to FINRA, Edward L. Turley was barred from association with any FINRA member in all capacities for refusing to provide on-the-record testimony requested during a FINRA investigation.

The investigation originated from FINRA's review of a customer-initiated arbitration. The request for testimony related to Turley's trading in customer accounts, including use of foreign currency and margin, and the purchasing and selling of high-yield bonds and preferred stock.

These are significant matters involving potentially complex and risky investment strategies. Foreign currency trading and margin use can amplify losses and may not be suitable for all investors. High-yield bonds carry increased credit risk. Understanding Turley's recommendations, the basis for those recommendations, and whether they were suitable for the affected customers was essential to FINRA's investigation.

Customer arbitrations often raise important questions about sales practices and suitability. When FINRA investigates matters arising from arbitrations, it seeks to determine whether violations occurred, whether other customers may have been affected, and what corrective action is needed. Turley's refusal to testify prevented FINRA from fully investigating these matters and determining appropriate action.

All registered persons must cooperate with investigations. Those who refuse to provide testimony about their trading practices and recommendations demonstrate they are unwilling to be held accountable for their conduct with customer accounts.

The permanent bar protects investors from an individual who was the subject of customer arbitration allegations and then refused to explain his trading practices and recommendations to regulators. This case reinforces that refusing to testify results in permanent industry removal.