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Joseph Turner: Annuity Allegations Against Ministry Partners Rep
A denied investor complaint against Brea, California broker Joseph Turner (CRD# 2077052) alleged more than $350,000 in damages. Financial Industry Regulatory Authority records show that Mr. Turner is a broker and investment adviser registered with Ministry Partners Securities in Brea and Fresno, California, as well as in Elgin, Illinois.
Mr. Turner’s BrokerCheck report discloses one investor complaint. Filed in July 2021, it alleged that as a representative of Ministry Partners Securities, he recommended the unsuitable purchase of two deferred variable annuities. The claimant alleged that the investment’s maintenance fees were excessive, and further that its short-term investment horizon and low risk tolerance “were not satisfied by these investments.” The complaint, which was denied, alleged $388,800 in damages.
An unsuitable investment, according to FINRA Rule 2111, is one for which the broker does not have a reasonable basis to believe it is appropriate for their client’s investment profile. An investor’s profile “includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance,” and other information. FINRA-associated brokers must conduct reasonable diligence to ascertain a customer’s profile, and then must use this information to form a determination as to whether an investment is not only suitable for some customers, but that specific customer.
According to the Financial Industry Regulatory Authority, Joseph Turner holds 28 years of securities industry experience. He has been affiliated as an investment adviser and as a broker with Ministry Partners Securities in Brea, California since 2013. He is registered with the firm’s offices in Fresno, California and Elgin, Illinois as well. His past registrations include Strongtower Financial in Fresno, California (2007-2011), Princor Financial Services Corporation (Fresno, California and Des Moines, Iowa; 1997-2005), and Pruco Securities Corporation (Newark, New Jersey; 1990-1997). His credentials include the passage of seven securities industry exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Municipal Fund Securities Principal Examination, or Series 51; and the General Securities Principal Examination, or Series 24. He holds 26 state licenses. (Information current as of April 6, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.