Former UBS Capital Financial Advisor, Ricardo Turlan, Has Three Customer Complaints Disclosed On His CRD Alleging Sales Practice Violations
Ricardo Turlan (CRD # 4431836) was a Financial Advisor at UBS Financial Services Inc. in San Antonio, TX. Ricardo Turlan has been in the securities industry since 2001 and previously worked at BBVA Securities, Inc. and CitiCorp Investment Services. He is not currently registered as a broker.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Ricardo Turlan has three customer complaints disclosed on his CRD, alleging the following sales practice violations:
- March 2019 – “January 2, 2018 to March 8, 2019 The client alleges her Financial Advisor exercised discretion on the account even though she had not formally authorize[d] it. The client further alleges she did not know which securities would be traded until after the fact. The client finally alleges her Financial Advisor promised her not to charge commissions in 2018 but he did.” The matter settled for $110,000.
- January 2016 – “Customer purchased United Mex States Bond, denominated in Mexican pesos, on 10/1/2014. Customer alleges representative converted US dollars to Mexican pesos to purchase bond without her consent.”
- August 2015 – “Customer purchased structured note in June, 2011. Customer alleges representative did not provide information in a timely fashion in regards to the structured note and the underlying securities to enable the customer to exit this note and purchase a difference note.”
In July 2019, Richardo Turlan was “discharged” from UBS “after a firm investigation determined (1) that he exercised discretion in two client accounts without written authorization; and (2) trading in other accounts reached levels that could be considered qualitatively unsuitable (ROAs between 3.0 and 9.0 for a twelve month period).”
For a copy of Ricardo Turlan’s CRD, click https://brokercheck.finra.org/individual/summary/4431836#disclosuresSection.
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.
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