• June 7, 2022
• UBS Financial Services, Inc.

Robert Earl Turner (CRD#: 2113736) was previously dually registered as a Broker and Investment Advisor.

Broker’s Background

He entered the securities industry in 1991 and previously worked for Stifel, Nicolaus & Company, Inc; UBS Financial Services, Inc.; and Merrill Lynch, Pierce, Fenner & Smith, Inc.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in April 2022, a customer complaint was filed against Robert Turner. The allegation states, “Time Frame: August 01, 2002 – April 08, 2022 The client alleges they were defrauded by the Financial Advisor when presented with a bogus scheme to invest.” The customer dispute is pending.

In addition, Robert Turner has been the subject of three customer complaints, including the following:

• February 2022 — “Time Frame: January 02, 2002 – February 17, 2022 Client alleges that money was funneled from his account by the FA to his college friend and makes further allegations of selling away.” The customer dispute was settled for $5M.
• February 2022 — “Time Frame: January 23rd, 2020 to January 19th, 2021 What were the allegations against the individual? The client alleges the financial advisor stole money from her account.” The customer dispute was settled for $468,686.05.
• October 2020 — “Time Frame: February 28 2006 to October 27, 2020 Client verbally alleges the variable annuity was represented as offering a 7% withdrawal rate as a living benefit and that as long as the 7% withdrawal rate was not exceeded, then the original premium was a protected death benefit.” The customer dispute was settled for $150,000.

Robert Turner also resigned while an Stifel, Nicolaus was reviewing “Concerns related to FAs acknowledgement of involvement with investments not offered at his prior firm while employed at the prior firm.”

For a copy of Robert Turner’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

It was reported that Robert Turner may have stolen $17 million from customers while employed at UBS.  This was reported in https://www.advisorhub.com/ubs-alleges-ex-broker-in-texas-stole-17-million-from-customers/.  It is alleged that between 1997 and 2021, Robert Turner solicited the customers, who were “people close to him who knew and trusted him through familial ties and friendship,” to invest in Fairfax Financial Corporation, the “sham” company set up by him and his friend Mark Woodward.

Broker theft is a significant problem in the brokerage industry because it evidences a complete breach of trust and lapse in supervision by management within the brokerage firm. Brokerage firms have an affirmative duty to supervise their financial advisors and any outside activities in which they engage. To the extent financial advisors are using their professional status to solicit clients to invest alongside them or in outside enterprises, the brokerage firm may be held liable for those losses.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.