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Written by 7:59 pm Blog, Current Investigations

UBS Reportedly Sues Texas Broker Robert Turner over Alleged $17 Million Fraud Scheme 

UBS Reportedly Sues Texas Broker Robert Turner over Alleged $17 Million Fraud Scheme, featured by top securities fraud attorneys, the White Law Group

Robert Turners’ clients allege they were defrauded with a “bogus scheme to invest.” 

Waco financial advisor Robert Turner is reportedly facing allegations by UBS Financial, his former employer, that he stole more than $17 million from 23 customers, according to KWTX in Waco, Texas. 

UBS alleges in its lawsuit that Turner raised money for purported investments earning between 4% and 8% compounded quarterly that were “a scheme that Robert Turner and his college buddy… cooked up,” UBS said, according to the article. 

UBS is reportedly seeking an order to seize Turner’s assets to help the firm cover harmed customers, the article says. UBS has reportedly reimbursed $5.8 million to at least three customers. The suit also names Turner’s wife, as a defendant, in a bid to seize the Turners’ community property assets but without any allegations against her. 

Turner reportedly filed for emergency bankruptcy on May 13 to stay proceedings in the state district court civil lawsuit filed last week against Turner and his wife, who also is a former UBS financial adviser.  

A longtime UBS Financial Services employee in Waco, Turner reportedly canceled a hearing Friday at which UBS was set to ask the court to grant a pre-judgment writ of attachment that would have seized Turner’s assets, according to the article. 

Turner, who has four customer complaints on his record, with three currently pending, was reportedly registered with the following FINRA registered firms, during his career in the securities industry:  

 09/24/2021 – 02/07/2022, STIFEL, NICOLAUS & COMPANY, INCORPORATED (CRD#:793), WACO, TX,  

03/08/1996 – 10/12/2021, UBS FINANCIAL SERVICES INC. (CRD#:8174), WACO, TX 

02/08/1991 – 03/19/1996, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD#:7691), NEW YORK, NY 

Potential Lawsuits to Recover Financial Losses           

The White Law Group is investigating potential securities fraud lawsuits regarding the liability that Turner’s employers may have for failure to properly supervise him.    

When brokers and registered investment advisors violate securities laws, such as churning accounts or making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. 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 Turner and UBS Financial, 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.           

  

 

Tags: , , , , , , Last modified: May 19, 2022