Did you lose money investing with Robert Turner (CRD# 2113736)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Robert Turner. If you suffered losses investing with Robert Turner, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of April 15, 2023, Robert Turner’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
7 Customer Disputes
1 Regulatory Event
1 Employment Separation After Allegations
January 27, 2023 – An AWC was issued in which Turner was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Turner consented to the sanction and to the entry of findings that he participated in private securities transactions without providing prior written notice to his member firm before participating in the sale of fixed annuities that were outside the scope of his employment with the firm. The findings stated that Turner marketed, recommended, and sold fixed annuities offered by an entity formed by his college friend and business acquaintance to customers of Turner’s firm, who collectively invested over $7.2 million in the entity. The entity fixed annuities were not, in fact, fixed annuities, but rather securities. The entity was not a licensed insurance company, nor was it licensed or authorized to sell fixed annuities at any time during the period when Turner sold the entity fixed annuities. Based on Turner’s representations and quarterly annuity statements that the entity sent to Turner’s customers, they believed they would be earning a fixed, guaranteed rate of return of between four percent and eight percent, compounded on a quarterly basis. Turner did not disclose his affiliation with his friend to any of his customers who invested in the entity fixed annuities. Further, Turner actively concealed from the firm his involvement in selling the fixed annuities, which he knew were not an approved firm product, by directing his friend to send copies of the entity quarterly annuity statements to his personal P.O. Box instead of his firm office. Further, Turner falsely attested on several firm compliance certifications that he understood and agreed to comply with the firm’s prohibition on selling away. In addition, one of Turner’s former firm customers sought to withdraw her entire investment from the entity, which the most recent annuity statement she received had led her to believe was valued at over $450,000. Turner’s friend died before the customer received any money from her investment in the entity. Following the friend’s death, those of Turner’s customers who invested in the entity lost most, if not the entirety, of their investments. (FINRA Case #2021073037101)
Current and Previous Registrations
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
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Robert Turner and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
