Broker Ricardo Turlan Suspended By FINRA For Alleged Unauthorized Trading

Soreide Law Group has new information to share with you in regard to securities broker Ricardo Turlan (aka Ricardo Patricio Perez) (CRD#: 4431836, San Antonio, Texas). Financial Industry Regulatory Authority (“FINRA”) issued Turlan a suspension between June 7, 2021, and August 6, 2021, and fined him $7,500 to resolve allegations that he made unauthorized trades. It also appears that investors disputed his sales practices. Let’s take a closer look at these allegations against the securities broker.

FINRA Sanctions Ricardo Turlan Over Alleged Unauthorized Trading

Notably, FINRA issued the sanctions to Ricardo Turlan because he allegedly exercised discretion in client accounts without proper authorization. Evidently, Turlan needed to have written authorization to warrant his trades. He was also required to have his employer’s approval for discretionary trading. He reportedly lacked both. Not only that, but FINRA says that he mismarked order tickets. Supposedly, Turlan made it seem that he did not solicit trades. Turlan has paid the fine and served the suspension.

FINRA previously suspended Ricardo Turlan for allegedly not complying with a request for information. Following Turlan’s discharge from UBS Financial Services Inc., FINRA asked him to respond to an inquiry. It is unclear whether FINRA was investigating UBS’ July 2019 discharge of Turlan for exercising discretion in client accounts. Turlan’s suspension was effective from March 16, 2020, to June 1, 2020.

Turlan’s UBS Financial Services Client Alleges Sales Practice Violations

Evidently, a client of UBS Financial Services disputed Ricardo Turlan’s sales practices between January 2018 and March 2019. Supposedly, Turlan exercised discretion in their account when they never approved of discretionary trading formally. Not only that, but Turlan supposedly told them that he would not charge commissions, but Turlan charged them commissions in September 2018. Evidently, UBS settled this matter by making a $110,000 payment to the client.

BBVA Securities Client Alleges Unauthorized Transaction By Ricardo Turlan

In a January 2016 dispute about Ricardo Turlan, a BBVA client alleges unauthorized transactions. Namely, the client contends that Turlan purchased a bond without the client’s consent. However, BBVA Securities denied this dispute about the securities broker.

It appears that a second BBVA client complained about a structured note transaction. It appears that the client sustained losses on this investment because of Turlan. However, the firm denied this dispute.

Losses By Investing With Turlan?

Apparently, securities broker Ricardo Turlan denies allegations of sales practice violations. Have you experienced investment losses by interacting with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered substantial compensation for US clients who have experienced losses from their securities brokers and financial advisors.Lars Soreide AVVO 2020 Top Lawyer