Matthew Ian Turner, a stockbroker from Boca Raton, Florida, associated with WestPark Capital Inc., was sanctioned by Financial Industry Regulatory Authority (FINRA) for excessive and unsuitable trading in customer accounts. FINRA Letter of Acceptance, Waiver, and Consent No. 2021070498105 (January 15, 2025)
According to the AWC, Turner exercised control over accounts, making trades that were not in customers’ best interests. He generated $34,269.69 in commissions while causing realized losses of $160,822.
The regulator found that Turner’s trading activity led to high cost-to-equity ratios, including one account requiring a 50.49 percent annual gain to break even, and another needing a 27.58 percent gain, confirming the excessive and unsuitable nature of the trading.
FINRA determined that Turner violated Exchange Act Rule 15l-1(a)(1) (Regulation BI), FINRA Rule 2111, and FINRA Rule 2010 by engaging in excessive trading between September 2018 and December 2020. Additionally, 148 discretionary trades were executed without written customer authorization or firm approval, violating NASD Rule 2510(b) and FINRA Rules 3260(b) and 2010.
As a result of these violations, FINRA imposed a five-month suspension from associating with any FINRA member in all capacities, effective from February 3, 2025, through July 2, 2025.
This is not the first time that Turner has been the subject of a dispute concerning allegations of his conduct in the securities industry. According to FINRA Public Disclosure, Turner disclosed a prior customer initiated investment related FINRA securities arbitration claim (FINRA Arbitration No. 17-01296), alleging excessive trading and the improper use of margin. The claim, filed on May 18, 2017, sought $103,000 in damages, and was settled for $14,999 in August 2018. Turner denied all allegations, asserting that all transactions were authorized.
Turner has been registered with WestPark Capital Inc. since November 27, 2012.
