BB&T Securities Financial Advisor, Geoffrey Turner, Sanctioned By FINRA For Improper Mutual Fund Sales
The Wolper Law Firm is currently investigating claims against Geoffrey Turner, a Financial Advisor at BB&T Securities in Rincon, Georgia. Geoffrey Turner has been in the securities industry since the 1990s.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on September 28, 2018, FINRA sanctioned Geoffrey Turner for the improper sale of L-Share securities to customers. It was alleged that Geoffrey Turner sold L-Shares over other share classes in order to generate higher commissions, irrespective of whether other classes for more suitable for the customer. FINRA specifically alleged:
“Without admitting or denying the findings, Turner consented to the sanctions and to the entry of findings that he recommended certain L-share variable annuities to his customers without a reasonable basis for believing that the recommendations were suitable. The findings stated that L-share contracts have unique costs and features that a registered representative must understand in order to have a reasonable basis to recommend them. Investors may also purchase riders for annuity contracts, which provide additional benefits for an additional cost. Both L-share contracts and long-term riders present complex costs and benefits, and registered representatives must understand these products in order to have a reasonable basis to believe they are suitable for at least some customers. Turner recommended L-share class variable annuities to 15 customers and in all instances, he recommended that the customers also purchase long-term riders. L-share annuities and long-term riders may have been suitable for the customers, depending on their facts and circumstances; however, Turner did not have a reasonable basis for recommending them.”
For a full copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2016049232201%20Geoffrey%20Colin%20Turner%20CRD%204007735%20AWC%20va.pdf
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer Geoffrey Turner and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
- Former West Park Capital, Inc. and Laidlaw & Company LTD Broker, Bryan Mazliach, Investigated By FINRA For Alleged Violation Of FINRA Rules
- Former BMO Harris Financial Advisors, Inc. Broker, Lori Ann Sacco, Suspended Six Months By FINRA For Allegedly Altering Customer Account Documents
- Former Woodbury Financial Services, Inc. Broker, Jodie Lane, Suspended Six Months By FINRA For Allegedly Accepting Gifts And Becoming Beneficiary Of A Client
- Broker, Kimberley Schkade-Hill, Supsended by FINRA For Four Months And Fined $10,000 For Allegedly Having Clients Sign Documents In Blank
- LPL Financial LLC Broker, Matthew Clason, Is The Subject Of An SEC Enforcement Action For Allegedly Stealing Hundreds Of Thousands Of Dollars From A Client
- Former Capitol Securities Management Inc. Broker, Michael Rubel, Suspended By FINRA For 45 Days For Allegedly Engaging In Short-term Trading Of Unit Investment Trusts
- Recovering Your Investment Losses In Non-Traded Real Estate Investment Trusts And Business Development Companies
- Former Westpark Capital, Inc. Broker, Hary Datys, Suspended By FINRA For Fifteen Months For Allegedly Failing To Conduct Due Diligence Before Selling Promissory Notes
- Former Ameriprise Financial Services, LLC Advisor, Arthur Hoffman, Barred By FINRA For Allegedly Failing To Provide Documents In Relation To Investigation Into Outside Business Activities
- Crown Capital Securities Broker, Kenneth Barroga, Has Had Four Customer Complaint Disclosures