Robert Earl Turner Jr., of Waco, Texas, a stockbroker registered with UBS Financial Services Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Turner engaged in private securities transactions. Letter of Acceptance, Waiver, and Consent No. 2021073037101 (January 27, 2023).
According to the AWC, from 1997 to 2021, during the time that he was associated with UBS Financial Services Inc., Turner recommended, marketed, and sold what was purported to be a fixed annuity product to 20 UBS customers without Turner providing written notice to UBS. Turner was actually selling securities through a company that was founded by one of his college friends and business associates. The company was not a licensed insurance company, nor was it authorized to sell annuities at any time during the time Turner was marketing, selling, and recommending them.
In total, customers invested over $7.2 million based on the belief that they would receive a guaranteed rate of return ranging between 4% and 8%. Turner never disclosed his affiliation with the company and sought to conceal his efforts though directing that quarterly statements be sent to his personal Post Office box instead of his UBS office. Turner also falsely attested in compliance questionnaires that he would comply with the firm’s ban on selling away. Turner violated FINRA Rules 2010 and 3280 along with NASD Rules 2010 and 3040.
FINRA Public Disclosure shows that Turner is referenced in seven customer initiated investment related disputes concerning Turner’s conduct while associated with securities broker dealers, including UBS Financial Services Inc. On May 5, 2022, a customer initiated investment related complaint involving Turner’s conduct was settled for $5,070,514.16 in damages based upon allegations that Turner engaged in private securities transactions involving annuities when Turner was associated with UBS Financial Services Inc.
On June 15, 2022, another complaint involving Turner’s conduct was settled for $335,692.25 in damages based upon allegations that Turner committed fraud in connection with the recommendation and sale of variable annuities. Turner was also referenced in a complaint that was settled on July 13, 2022, for $1,992,839.22 in damages resulting from Turner’s representations of guarantees on variable annuities.
On September 7, 2022, a complaint involving Turner’s conduct was settled for $975,487.02 in damages resulting from a variable annuity sale by Turner. He was also referenced in a complaint that was settled on September 16, 2022, for $3,213,467.54 in damages based upon allegations that he committed fraud in connection with the sale of variable annuities.
Turner was associated with UBS Financial Services Inc. in Waco, Texas, as a stockbroker from March of 1996 to October of 2021, and was associated with Stifel Nicolaus Company Incorporated in Waco, Texas, as a stockbroker from September of 2021 to February of 2022. Public Disclosure shows that Turner was permitted to resign by Stifel Nicolaus Company Incorporated on January 27, 2022, based upon allegations of Turner engaging in private investment transactions at UBS.