Robert Earl Turner, Jr., Waco, Texas, Barred from Securities Industry
According to a Letter of Acceptance Waiver and Consent on January 27, 2023, the Financial Industry Regulatory Authority (FINRA) has reportedly barred former UBS Financial advisor Robert Earl Turner, Jr after allegations that he participated in private securities transactions without permission from his member firm.
According to the letter, Turner marketed, recommended and sold more than $7 million in “fixed annuities” to 30 UBS customers from 1997 until 2021. The “fixed annuities,” purportedly offered by Fairfax Financial Corporation, were securities not annuities, according to FINRA. These securities were not approved by UBS, according to FINRA, thus Turner was in violation of Rule 3280 and 2010.
Further, according to FINRA, Turner allegedly marketed these securities as fixed annuities to his clients. In 2021, one of Turner’s customers reportedly attempted to cash out the Fairfax “fixed annuity” she believed was worth $450,000. All of the customers reportedly lost the entirety of their investments last year.
UBS Files Suit Alleging Long Running Scam
According to Advisor Hub on May 12, 2022, UBS Wealth Management USA filed a lawsuit against Turner, alleging that he stole more than $17 million from customers as part of a long running scam.
According to the lawsuit, filed in a Texas court, Turner allegedly persuaded 23 of its clients to buy more than $17 million of stakes in a “sham” outside investment that he and his “college buddy” had “cooked up.”
UBS has reportedly paid $5.7 million to three clients who allegedly lost money in the purported scheme, according to the article, citing the lawsuit.
According to his FINRA Broker Report, Turner was affiliated with the following firms during his career,
09/24/2021 – 02/07/2022, STIFEL, NICOLAUS & COMPANY, INCORPORATED (CRD#:793), WACO, TX,
B, 03/08/1996 – 10/12/2021, UBS FINANCIAL SERVICES INC. (CRD#:8174), WACO, TX
Turner reportedly has six customer complaints on his broker profile. Allegations include fraud with a “bogus scheme to invest,” among others.
When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.” Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.
If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
Recovery of Investment Losses through FINRA Arbitration
The White Law Group is investigating potential securities claims involving Robert Earl Turner Jr. and the liability his employers may have for failure to supervise him. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.
We represent investors in all 50 states including Texas. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with Robert Earl Turner Jr., please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.
To learn more, see: Financial Advisor Fraud | Unapproved Securities “Selling Away”
Tags: Fairfax financial fixed annuity, fraud scheme, Robert Earl Turner Jr. barred, Robert Earl Turner Jr. complaints, Robert Earl Turner Jr. customer loans, Robert Earl Turner Jr. FINRA, Robert Earl Turner Jr. investigation, Robert Earl Turner Jr. investment losses, Robert Earl Turner Jr. lawsuit, Robert Earl Turner Jr. Western International, UBS Financial Last modified: January 30, 2023