Ricardo Turlan (also known as Ricardo Patricio Perez-Turlan and as Ricardo Patricio Ramirez) of San Antonio Texas a stockbroker formerly registered with UBS Financial Services Inc. has been fined $7,500.00 and suspended for two-months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he effected unauthorized trades in a customer’s account and had mismarked UBS Financial Services customer order tickets. Letter of Acceptance Waiver and Consent No. 2019063490102 (June 3, 2021).
According to the AWC, from June of 2017 to February of 2019, 130 trades had been executed by Turlan in two customers’ accounts. The transactions were executed by the stockbroker without customers speaking with him beforehand to confirm details. Those customers did not give any written approval relating to Turlan’s discretionary trading. The securities broker dealer did not consider those transactions to be approved for discretionary trading either. For this reason, Turlan violated Rule 2010 and National Association of Securities Dealers Rule 2510(b).
From January of 2018 to December of 2018, there were at least 72 trades which had been mismarked by Turlan as being unsolicited. FINRA indicated that the transactions were actually solicited by the stockbroker. Turlan failed to mark these transactions to reflect that they were solicited, violating FINRA Rules 2010 and 4511.
This is not the first time that Turlan has been sanctioned by FINRA. On March 16, 2020, Turlan had been suspended by the regulator based on allegations that he failed to comply with FINRA’s request for his information. Case No. 2019063490101 (Feb. 20, 2020). Turlan was provided a Notice of Suspension letter which indicated that he would be barred if he did not comply with FINRA requests or otherwise seek termination of the suspension. Turlan’s suspension ended on June 1, 2020.
FINRA Public Disclosure reveals that Turlan has been identified in three customer initiated investment related disputes concerning accusations of his harmful conduct while employed by UBS Financial Services and BBVA Compass Investment Solutions Inc. On August 6, 2015, a customer filed an investment related complaint regarding Turlan’s conduct in which the customer requested $35,674.00 in damages based on allegations that they were not provided details from Turlan in reference to structured notes securities purchases when Turlan was registered with BBVA Compass Investment Solutions. According to the complaint, the customer was not able to liquidate their structured note investment when they requested it.
Turlan is also the subject of a customer initiated investment related written complaint on January 12, 2016 where the customer sought more than $5,000.00 in damages supported by accusations of an unauthorized transaction relating to bonds when Turlan was associated with BBVA Securities.
On July 9, 2019, another customer initiated investment related complaint involving Turlan’s conduct was resolved for $110,000.00 in damages founded upon allegations of unauthorized trading by Turlan between January 2, 2018 and March 8, 2019. According to the complaint, the customer was not notified about securities purchases until after they were made. The complaint alleges that the customer was charged commissions when the stockbroker promised that there would not be charges of this nature.
Turlan was discharged by UBS Financial Services on July 9, 2019 based on accusations that he effected trades that were considered qualitatively unsuitable. The securities broker dealer also alleged that Turlan had traded without authorization from UBS Financial Services customers.
