Robert Turpin, of Scottsdale, Arizona, a stockbroker with Source Capital Group, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to cooperate in a FINRA investigation into allegations of his private securities transactions. Letter of Acceptance, Waiver and Consent, No. 20150468643-01 (May 5, 2016).
According to the AWC, on September 2, 2015, Source Capital Group, Inc. terminated Turpin amid allegations that he had sold away from his firm and engaged in unauthorized outside business activities. Subsequently, FINRA launched an investigation into the firm’s allegations.
The AWC stated that on October 14, 2015, FINRA had requested that Turpin provide information and documentation, per a FINRA Rule 8210 request, so that FINRA could investigate. Apparently, Turpin had a deadline of October 21, 2015 to cooperate.
The AWC stated that Turpin responded on October 14, 2015, where he acknowledged FINRA’s requests, but stated that he would not be providing FINRA with information and documentation at any point. FINRA found that Turpin’s failure to respond was violative of FINRA Rules 2010 and 8210, which led to his permanent bar.
Public disclosure records reveal that Turpin was formerly sanctioned by the National Association of Securities Dealers, Inc. (NASD) on September 8, 1999. Apparently, Turpin consented to a fine of $2,500.00 as a result of violating Securities Exchange Act of 1934 Section 15(c)(3), Rule 15c3-1, and NASD Rule 2110 for operating his firm, Desert Start Capital, without maintaining the requisite net capital. Letter of Acceptance, Waiver and Consent, No. C3A990049 (Sept. 8, 1999). Turpin additionally was subject to a bankruptcy discharge on November 14, 2011.
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