Erez Law is investigating former UBS Financial Services Inc. broker Robert Turner (CRD# 2113736) regarding variable annuity losses and investments in Fairfax Financial. He has been registered with Stifel, Nicolaus & Company, Incorporated in Waco, Texas, from 2021 to 2022, when he was terminated regarding “Concerns related to FAs acknowledgment of involvement with investments not offered at his prior firm while employed at the prior firm.” Previously, he was registered with UBS Financial Services Inc. in Waco, Texas, from 1996 to 2021.
In May 2022, it was reported that UBS Financial Services Inc. sued Robert Turner for running his two-decade-long fraud that led to $17 million in client losses. Public records indicate that the brokerage firm is suing its former broker in an effort to seize assets and reimburse clients for their losses. It is alleged that he recommended his clients invest in a non-UBS Financial Inc. product that was issued by Fairfax Financial, which was later found to be a fraudulent scheme without assets to back up the investments.
In January 2023, FINRA barred him after he consented to the sanction that he participated in private securities transactions without providing prior notice to UBS Financial Services Inc. It is alleged that he engaged in selling away related to the sale of fixed annuities. According to FINRA, he “marketed, recommended, and sold fixed annuities offered by an entity formed by his college friend and business acquaintance to customers of Turner’s firm, who collectively invested over $7.2 million in the entity. The entity fixed annuities were not, in fact, fixed annuities, but rather securities. The entity was not a licensed insurance company, nor was it licensed or authorized to sell fixed annuities at any time during the period when Turner sold the entity fixed annuities.” According to FINRA, “one of Turner’s former firm customers sought to withdraw her entire investment from the entity, which the most recent annuity statement she received had led her to believe was valued at over $450,000. Turner’s friend died before the customer received any money from her investment in the entity. Following the friend’s death, those of Turner’s customers who invested in the entity lost most, if not the entirety, of their investments.”
According to public records, he informed his clients that the investment in Fairfax Financial saw returns of 4-8% quarterly. According to its website, Fairfax Financial “is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.”
Robert Turner Customer Complaints
He has been the subject of four customer complaints between 2020 and 2022, according to his CRD report:
May 2022. “Time Frame: March 1, 2021 to May 22, 2022 The client alleges his money was invested in a fraudulent manner by his Financial Advisor. The client further alleges his Financial Advisor was not looking out for his best interest and did not manage his money honestly.” The case was settled for $335,692.25.
April 2022. “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.” The customer sought $725,000 in damages, and the case was settled for $3,213,467.54. The complaint was regarding variable annuities.
February 2022. “Time Frame: January 02, 2002 – February 17, 2022 Client alleges that money was funneled from his account by the FA to his college friend and makes further allegations of selling away.” The case was settled for $5,070,514.16. The complaint was regarding variable annuities.
February 2022. “Time Frame: January 23rd, 2020 to January 19th, 2021 What were the allegations against the individual? The client alleges the financial advisor stole money from her account.” The customer bought $21,915 in damages, and the case was settled for $468,686.05.
February 2022. “Time Frame: June 30, 2010 to February 1, 2022 What were the allegations against the individual? The client alleges He was aware of the Fairfax investment, but thought it was an interest bearing account. He does not know what an annuity is and wasn’t aware that he purchased one at Fairfax.The alleged damages are estimated to be in excess of $5,000.00.” The case was settled for $975,487.02.
February 2022. “Time Frame: January 2, 1997 to February 1, 2022 What were the allegations against the individual? The client alleges his FA represented that he would receive a guaranteed rate of 7.75% initially and then he believes it could drop down to a rate of 5% but not fall below that rate for as long as he owned it. The alleged damages are estimated to be in excess of $5,000.00.” The case was settled for $1,992,839.22.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, UBS Financial Services Inc. may be liable for investment or other losses suffered by Robert Turner’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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