UBS Financial Services Inc. Sues Broker Robert Turner Over $17 Million Investment Fraud

UBS Financial Services Inc.

Erez Law is currently 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. is suing 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. 

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:

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 is seeking $725,000 in damages and the case is currently pending. 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 is currently pending. 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 is seeking $21,915 in damages and the case is currently pending. 

October 2020. “Time Frame: February 28 2006 to October 27, 2020 Client verbally alleges the variable annuity was represented as offering a 7% withdrawal rate as a living benefit and that as long as the 7% withdrawal rate was not exceeded, then the original premium was a protected death benefit.” The case was settled for $150,000. The complaint was regarding variable annuities.

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.