Former Pruco Securities, LLC Financial Advisor Winston Turner Barred by FINRA
Posted on Saturday, August 12th, 2017 at 9:45 am
Erez Law is currently investigating former Pruco Securities, LLC financial advisor Winston Turner (CRD# 5965386) regarding falsified client information related to variable annuities. Turner was registered with Pruco Securities, LLC in Sarasota, Florida from 2013 to 2015, when he was terminated regarding, “Registered representative made an unsuitable variable annuity recommendation, provided inaccurate information to the company concerning the transaction, and made payments to a client who was dissatisfied with the performance of her annuity contract.” Previously, he was registered with Metlife Securities Inc. in Atlanta, Georgia from 2011 to 2013.
In August 2016, FINRA barred Turner following allegations that he falsified information relating to variable annuity transactions. According to the complaint, Turner circumvented his member firm’s supervisory review process by misrepresenting the source of funds in variable annuity application materials in connection with exchanges by customers. Additionally, it is alleged that Turner misrepresented his personal email address as that of his customers and submitted documents with forged signatures and made payments to a customers from his personal accounts while making it appear as if that funds came from the firm. The complaint alleges that Turner submitted falsified variable annuity applications, questionnaires, customer information forms, and related documents. The complaint further alleges that Turner “intentionally or recklessly making material misstatements and omissions regarding the earnings to be generated by their variable annuities, and as to the tax impact of a transaction involving one customer.”
Turner has been the subject of 20 customer complaints between 2013 and 2017, three of which were denied and three were closed without action, according to his CRD report:
March 2017. “Claimants allege the former registered representative engaged in unsuitable sales, churning, conversion and fraud. This alleged activity began in 2012 prior to his association with the firm and continued for three years.”
November 2016. “This complaint was originally received as a verbal complaint and was not reported. It is now being reported because of the settlement amount of $16,710.84.”
July 2016. “The client alleged that representative did not explain that she would incur annuity surrender charges and that funds she gave to the representative for purchase of a Prudential product were used to purchase a product issued by a different insurer.” The client sought $40,000 in damages and the case was settled for $78,439.97.
June 2016. “The client alleges that representative made several misrepresentations regarding the guaranteed minimum percentage growth and surrender charges provisions of his policies.” The case was settled for $75,507.39.
May 2016. “The client alleges that representative recommended a surrender of a Metlife annuity and did not fully disclose all the facts regarding the tax consequences incurred as a result.” The client sought $27,399 in damages and the case was settled for $28,325.
May 2016. “Complaint was not initially reported because it was received verbally. The U5 is being Amended because of the settlement amount.” The case was settled for $20,263.78.
March 2016. “Registered Representative (RR) did not disclose surrender charges or market value adjustment charge in connection with surrender of an annuity, misrepresented the tax consequences of such transaction, and misrepresented that there would be no surrender charges due to customer’s disability and that such charges would be returned to her account. RR made some personal payments to the customer and misrepresented them to be reimbursements of the surrender charges. ADDITIONAL CORRESPONDENCE RECEIVED ON 5/12/16- The client alleges that the representative stole money from her and that she lost the money plus interest that could have been gained during that time. ADDITIONAL CORRESPONDENCE RECEIVED ON 7/6/16 – Customer Alleges that the rep did not fully disclose all the facts regarding Guarantees & Risks.” The customer sought $19,000.22 in damages and the case was settled for $59,078.45.
March 2016. “This complaint was originally received as a verbal complaint and was not reported. It is now being reported because of the settlement amount of $29,737.15.”
January 2016. “This complaint was originally received as a verbal complaint and was not reported. It is now being reported because of the settlement amount of $25,087.24.”
January 2016. “The customer alleged that the registered representative promised a 10% bonus and a 5% year over year growth on the amount deposited into his annuity.” The customer sought $75,200 in damages and the case was settled for $145,917.21.
December 2015. “Client alleges that, in August 2014, registered representative promised a 5% return on his investment, did not disclose that his money would be invested aggressively in a variable annuity, did not disclose surrender charges, and provided inaccurate information to the firm about his personal risk tolerance, investment objectives, personal financial information, and prior investment experience.” The case was settled for $8,812.68.
October 2015. “The client alleges misrepresentation concerning unauthorized electronic signature.” The case was settled for $17,292.96.
March 2014. “Customer alleged the representative misrepresented the variable annuity purchased in january 2013. Customer has alleged damages as noted above.” The customer sought $5,228.31 in damages and the case was settled for $1,853.31.
January 2014. “Customer alleged the representative misrepresented the variable annuity purchased in march 2012. No specific compensatory damages were alleged.” The case was settled for $19,970.47.
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, Pruco Securities, LLC may be liable for investment or other losses suffered by Turner’s customers.
Erez Law represents investors in the United States for claims against former Pruco Securities, LLC financial advisor Winston Turner, who is alleged to falsify client information related to variable annuities. If you were a client of Pruco Securities, LLC or another firm, and 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.