Robert Turner Investigation
March 2023- Waco, Texas
According to publicly available records Robert Earl Turner, Jr. , (CRD# 2113736 ), a stockbroker who formerly worked with UBS Financial Services, Inc. discloses 7 prior customer disputes a termination from employment.
The Fairfax Financial Corp. “Annuities”
On January 25, 2023, FINRA barred Turner from the securities industry and found that between 1997-2021 Turner participated in private securities transactions without the approval of his member firm UBS Financial Services by selling ‘fixed annuities’ to at least 30 of his customers. The purported annuities were not fixed annuities but rather securities sold by an entity formed in the late 1990’s by one of Turner’s college friends. Fairfax was not a licensed insurance company nor was it licensed to sell fixed annuities. Customer believed they were guaranteed a rate of return of between 4%-8%. At least 30 of Turners clients invested more than 7 million and according to FINRA, lost most, if not all, of their investment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In March 2023 FINRA barred Turner from the securities industry.
FINRA’s records disclose that total settlements paid in the 7 previously resolved matters exceed $12 million.
In 1/2022 Turner was allowed to voluntarily resign from Stifel, Nicolaus & Company as a result of concerns related to Turner’s acknowledgment of involvement with investments not offered at his prior firm while employed at UBS. Turner was with Stifel, Nicolaus & Company from 9/2021 until 2/2022. He was with UBS Financial Services, Inc., from 3/1996 until 10/2021.
If you have questions about an account handled by Robert Turner , call to discuss your options.
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