Were You the Victim of Former UBS Financial Services Inc. Broker Ricardo Turlan?
Posted on Wednesday, October 30th, 2019 at 9:05 am
Erez Law is currently investigating former UBS Financial Services Inc. broker Ricardo Turlan (CRD# 4431836) regarding exercising discretion in customer accounts. Turlan has been registered with UBS Financial Services Inc. in San Antonio, Texas from 2015 to 2019, when he was terminated regarding, “FA was discharged after a Firm investigation determined (1) that he exercised discretion in two client accounts without written authorization; and (2) trading in other accounts reached levels that could be considered qualitatively unsuitable (ROAs between 3.0 and 9.0 for a twelve month period).” Previously, Turlan was registered with BBVA Securities Inc. in San Antonio, Texas from 2013 to 2015.
Turlan has been the subject of three customer complaints between 2015 and 2019, two of which were denied, according to his CRD report:t
March 2019. “January 2, 2018 to March 8, 2019 The client alleges her Financial Advisor exercised discretion on the account even though she had not formally authorize it. The client further alleges she did not know which securities would be traded until after the fact. The client finally alleges her Financial Advisor promised her not to charge commissions in 2018 but he did.” The case was settled for $110,000.
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 Turlan’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If 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.