Former California Broker, Tracy Rae Turner, Fined Over $270K and Barred by FINRA

Soreide Law Group obtained the following information on FINRA’s website from the July 2017 Disciplinary Report:

Tracy Rae Turner (CRD #1385745, San Marcos, California)

An OHO decision became final in which Turner was barred from association with any FINRA member in all capacities and fined $272,879.04, plus prejudgment interest for alleged failure to give prior written notice to, and receive prior written permission from, his member firm before participating in private securities transactions.

FINRA’s findings stated that Tracy Rae Turner allegedly offered and sold more than $4.1 million in interests in saltwater disposal wells to investors. Eight of the investors were clients of his firm. Turner was compensated from the proceeds of each sale through an entity that he owned and was paid a commission from each client’s purchase amount.

Also, FINRA’s findings stated that to market the sale of interests in the private securities, Tracy Rae Turner created and made publicly available online an offering memorandum that included alleged false and misleading statements. Turner allegedly wrote an accompanying message to the offering memorandum that was not fair and balanced, and did not provide a sound basis for evaluating an investment in the private securities interests.

Turner also allegedly made unwarranted predictions about the returns investors could expect from investing their money in the private securities interests. Turner lacked a foundation for his financial return predictions according to the FINRA report.

FINRA’s findings also included that Tracy Rae Turner’s offering memorandum and his online message were allegedly not approved by his firm before he used them or before they were filed with FINRA.

(FINRA Case #2014040338401)

FINRA has barred Tracy Rae Turner from acting as a broker or otherwise associating with firms that sell securities to the public.

According to FINRA’s BrokerCheck, Tracy Rae Turner has 35 Disclosures on his report with 31 of those disclosures being Customer Disputes.

Tracy Rae Turner has been in the securities industry for 22 years and was listed with 9 firms, the two most recent listed below:

01/03/2012 – 12/01/2014  COLORADO FINANCIAL SERVICE CORPORATION – CARLSBAD, CA

02/22/2010 – 12/23/2011  LIGHTHOUSE CAPITAL CORPORATION – VISTA, CA

If you were a client of former broker, Tracy Rae Turner and you experienced losses due to his actions or recommendations, call Soreide Law Group for a no-cost consultation with a securities lawyer regarding the possible recovery of your investment loss through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents our clients nationwide before FINRA and we operate on a contingency fee basis.  Let our experience work for you.

2017-08-01T16:05:17+00:00 August 1st, 2017|

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