WACO, TX, May 25, 2022 /PRNewswire/ — In late 2021, Turner and his wife, then a UBS broker Stephanie L. Turnerjoined Stifel, Nicolaus, & Co. She is still in that business although Robert left after only a few months in early 2022. (While at UBS, the two would have overseen $900 million of client assets and makes approximately $3 million in annual revenue.)
In April 2022UBS has filed a lawsuit against Robert Turner accusing him of defrauding nearly two dozen investors over $17M. The firm, which says it has already paid $5.7M to three of his clients linked to the alleged scheme, wants the Turners to pay the rest. UBS has also filed a FINRA arbitration request against Robert Turner.
SSEK Law Firm represents investors against the broker and/or their financial advisor whose negligence, misconduct or lack of supervision allowed their clients to fall victim to investment scams. If you are a former client of the broker UBS Robert Turner who has suffered losses and want to know if you may have grounds for a FINRA arbitration claim, call our broker negligence attorneys at (800) 259-9010 today.
Alleged investor scam spanned more than two decades, UBS says
In its lawsuit, UBS argues that Robert Turner and a college friend, Marc Woodwardsolicited clients with whom he had personal or family ties and persuaded a number of them to invest in their alleged “shell” company Fairfax Financial Corporation.
UBS argues that Turner committed to the sale, which means he sold that investment without the company’s approval or permission. But that doesn’t mean the brokerage firm has no alleged responsibility for the alleged misconduct of its former financial advisor.
Dealers have a duty not only to properly supervise their registered representatives, but also to prevent, identify or prevent misconduct by financial advisors while protecting their clients’ assets.
Experienced broker misconduct attorneys representing investors against UBS
Over the years, the law firm SSEK has opposed UBS on behalf of investors who have been defrauded by their financial advisors. We obtained damages for them. Please contact our broker misconduct attorneys today.
From anywhere in the United States, call SSEK Law Firm at (800) 259-9010. In Texasdial (713) 227-2400 Houston or (214) 613-5306 in dallas.
SOURCE Shepherd Smith Edwards & Kantas LLP