A 25-year veteran monetary guide who labored for UBS Monetary Services and products Inc. in Waco, Texas, was once barred from the securities business Friday via the Monetary Trade Regulatory Authority Inc. for his function in off-the-books, non-public securities transactions, in step with Finra.
The monetary guide, Robert Earl Turner Jr., was once eager about non-public securities transactions from 1997 to 2021 with out notifying UBS, an infraction of business laws, Finra mentioned. He started operating on the company in 1996.
“In particular, Turner advertised, really helpful and offered ‘mounted annuities’ introduced via Fairfax Monetary Corp. to no less than 30 UBS shoppers, who jointly invested greater than $7.2 million in Fairfax,” in step with the Finra agreement, through which Turner consented to with out admitting or denying Finra’s findings. The so-called annuities grew to become out to not be insurance coverage contracts however as an alternative have been securities, in step with Finra, and Became made those transactions with out telling the company.
“Turner actively hid from UBS his involvement in promoting the ‘mounted annuities,’ which he knew weren’t an authorized UBS product,” in step with Finra.
The topic began with a regulatory tip made to Finra, in step with the agreement.
A UBS spokesperson declined to remark Monday on any pending litigation within the topic however added that the company takes its duty to shoppers significantly and has compensated all affected shoppers for any losses.
Turner’s lawyer, John S. Morgan, didn’t remark Monday morning concerning the topic.
UBS started its investigation of Turner in October 2021, across the time he was once leaving the wirehouse to paintings at every other company, in step with Finra. UBS concluded its investigation of Turner in April 2022, and disclosed that Turner had knowingly led to shoppers to ship cash to a fraudulent trade entity, in step with Finra.
Consistent with a record ultimate Would possibly within the Waco Tribune, UBS sued Turner in state courtroom, “claiming he and his ‘faculty friend’ Mark Woodward cooked up a scheme to promote investments Turner was once no longer approved via UBS to marketplace,” and UBS was once reimbursing shoppers.
Turner’s BrokerCheck profile displays UBS has settled six disputes with shoppers of Turner for as regards to $12 million. Turner has no longer labored within the securities business for the previous yr.
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