Robert E Turner Jr Barred by FINRA

The Financial Industry Regulatory Authority (FINRA) has barred ROBERT EARL TURNER JR (ROBERT E TURNER JR), a former broker/financial advisor from UBS FINANCIAL SERVICES, INC., of Waco, Texas. According to a recent article in Financial Advisor IQ, Turner allegedly convinced at least 30 clients to invest a total of more than $7.2 million in private securities that were recommended and sold as “fixed annuities.”

According to the article from 1997 to 2021, ROBERT E TURNER JR sold clients securities offered through Fairfax, which was formed in the late 1990s by Turner’s friend and business acquaintance, Mark Woodward.  FINRA stated that although marketed and sold as Fairfax “fixed annuities,” they were private securities. Allegedly, Turner did not disclose the true nature of the securities, nor did he disclose his affiliation with Woodward, according to FINRA. FINRA also stated that Fairfax was not a licensed insurance company and was not licensed or authorized to sell fixed annuities at any time during the period in which Turner sold Fairfax.

According to FINRA, ROBERT E TURNER JR had his clients wire money from their UBS accounts to Fairfax bank accounts or write checks to Fairfax. Allegedly, Turner would collect the funds and send them to Woodward to deposit, then Woodward would represent that Fairfax used the proceeds to invest in commercial real estate and oil and gas development projects, according to FINRA. According to the FINRA report, Turner’s clients believed they would be earning a fixed, guaranteed rate of return between 4% and 8%, based on Turner’s representations and quarterly “annuity statements” sent by Fairfax. FINRA stated that Turner actively concealed the Fairfax sales and falsely attested on UBS compliance certifications that he understood and agreed to comply with the firm’s prohibition on selling away.

FINRA stated that ROBERT E TURNER JR’s alleged scheme was discovered in the fall of 2021 when one of his former UBS clients wanted to withdraw her entire investment from Fairfax after receiving an “annuity statement” that her account was valued at $450,000.

Mark Woodward, 68, committed suicide on Dec. 20, 2021, three days after the FBI confronted him about the alleged scheme. According to the FINRA report, after Woodward’s death, Turner’s clients who had invested in Fairfax “lost most, if not the entirety, of their investments." In May of 2022, UBS filed suit against Turner and his wife seeking reimbursement of $17 million UBS had set aside for restitution to ROBERT E TURNER JR’s clients.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, ROBERT E TURNER JR was permanently barred by FINRA in all capacities on January 27, 2023. Turner had been in the securities industry for 31 years and was listed with 3 firms. Turner was with UBS of Waco, Texas from 1996 to 2021.  He also was with Merrill Lynch, and Stifel, Nicolaus & Co. from September 2021 to February 2022.

There are 9 disclosures on Turner’s FINRA CRD report, seven customer disputes, all filed since October 2020. All of the disputes have settled, 3 of the settlement amounts are in the millions of dollars.

If you’ve suffered financial losses due to the actions or recommendations of the former UBS FINANCIAL SERVICES, INC., of Waco, Texas, broker/financial advisor, ROBERT E TURNER JR, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA.  We operate on a contingency fee basis, no fee to you if no recovery.