ROBERT EARL TURNER Formerly of UBS

According to a recent AdvisorHub article, UBS Wealth Management USA alleges that one of its former brokers in Waco, Texas, ROBERT EARL TURNER (ROBERT E TURNER, CRD#: 2113736) stole more than $17 million from clients as part of a scam that ran nearly 25 years.  There was a lawsuit filed in a Texas state court by UBS.
According to the lawsuit, ROBERT EARL TURNER, allegedly persuaded 23 clients to buy more than $17 million of stakes in a fraudulent outside investment that he and his college friend had “cooked up.” UBS discovered the fraud last year.  They have paid $5.7 million dollars so far to clients who were a part of Turner’s alleged scheme.  UBS is asking for the court for a writ of attachment which holds Turner and his wife responsible for the repayment of the $17 million for the reimbursements to the clients.
The AdvisorHub article states that UBS asked the court in Waco to issue, without Turner’s participation in the proceeding, a writ of attachment holding Turner, who is no longer registered, and his wife responsible for repaying the $17 million it intends to pay in reimbursements to the allegedly defrauded clients. According to the lawsuit, UBS named Stephanie Turner, Robert Turner’s wife, as a defendant as part of its efforts to freeze assets but otherwise made no allegations against her. Stephanie Turner, according to the AdvisorHub article, is currently with STIFEL, NICOLAUS & COMPANY, INC.  The article states that in September 2021, when UBS said the investment was unraveling, she led her and her husband’s team to STIFEL, NICOLAUS & COMPANY, INC. This group had allegedly overseen $900 million in client assets and generated around $3 million in annual revenue, a Stifel spokesman commented at the time of their move.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, ROBERT EARL TURNER, has 31 years of experience in the securities industry and has 5 disclosures on his FINRA CRD report.  One of the disclosures is an “Employment Separation after Allegations,” from STIFEL, NICOLAUS & COMPANY, INC, dated January 27, 2022. Turner voluntarily resigned following the allegations of, “Concerns related to FAs acknowledgment of involvement with investments not offered at his prior firm while employed at the prior firm.”  There are four pending and one settled, “Customer Disputes.” One of the pending disputes is asking for $725,000.00 in damages alleging, "Time Frame: August 01, 2002 - April 08, 2022 The client alleges they were defrauded by the Financial Advisor when presented with a bogus scheme to invest. "
ROBERT EARL TURNER was listed with 3 firms, the most current were:
09/24/2021 - 02/07/2022  STIFEL, NICOLAUS & COMPANY, INC.  -  WACO, TEXAS
03/08/1996 - 10/12/2021  UBS FINANCIAL SERVICES  -  WACO, TEXAS
According to the lawsuit, UBS alleges that ROBERT EARL TURNER, between 1997 and 2021 solicited clients who were “people close to him who knew and trusted him through familial ties and friendship,” to invest in Fairfax Financial Corporation, allegedly set up by Turner and his friend, Mark Woodward. Allegedly they made up fraudulent statements and promised principal earnings of 4-8% compounded quarterly. Mark Woodward took his own life in December three days after being confronted by the FBI, according to an article in Financial Advisor IQ.
If you or a loved one were a victim of the alleged investment scam perpetrated ROBERT EARL TURNER, formerly with UBS Financial and Stifel, Nicolaus of Waco, Texas, 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 works on a contingency fee basis, no fee if no recovery, and represents our clients nationwide before FINRA.