Tracy Rae Turner, of Carlsbad, California, a stockbroker formerly associated with Colorado Financial Service Corporation, has been fined $272,879.04 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon a FINRA Office of Hearing Officers Default Decision containing findings that Turner effected unauthorized private securities transactions and made investment related misrepresentations to customers. Department of Enforcement v. Tracy Rae Turner, No. 2014040338401 (Apr. 4, 2017).
According to the Decision, approximately $4,100,000.00 in customers’ investments had been facilitated by Turner away from his firm. The Decision stated that approximately $270,000.00 in commissions had been earned by Turner by soliciting and ultimately effecting the securities transactions. Evidently; however, Turner failed to notify his firm of his involvement in this regard, and failed to retrieve the firm’s approval for him to facilitate the transactions. Consequently, FINRA found Turner’s private securities transactions to be violative of NASD Rule 3040.
Further, Turner reportedly distributed to customers an offering memorandum concerning a security interest, wherein the memorandum prevented investors from having adequate basis evaluate the investment opportunity. The Decision stated that Turner communicated unwarranted, misleading and false statements to prospective customers which the firm never endorsed; conduct which FINRA Office of Hearing Officers found to be violative of FINRA Rules 2010 and 2210.
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