Two recent investor complaints detail allegedly unsuitable investment recommendations by Mark Mappa (CRD# 1874503), a broker and an investment advisor...Read More
Robert Turner: Did Ex-UBS Rep Run “Bogus” Investment Scheme?
Ex-Waco, Texas stockbroker Robert Turner (CRD# 2113736) allegedly defrauded his clients and stole their money, according to pending investor complaints against him. Financial Industry Regulatory Authority records show that the former Stifel Nicolaus & Company and UBS Financial Services representative resigned from Stifel Nicolaus last year over “concerns” regarding outside investments.
The most recent investor complaint disclosed on Robert Turner’s BrokerCheck report was filed in April 2022. It alleges that as a representative of UBS Financial Services, he defrauded the client when he presented “a bogus scheme to invest.” The pending complaint alleges damages of $725,000.
A complaint filed in February 2022 alleges that as a representative of UBS Financial Services, he “funneled” the client’s money from the account “to his college friend” and additionally sold investments away from his member firm. The pending complaint alleges unspecified damages.
A third complaint, filed in February 2022, alleges that while a representative of UBS Financial Services, Turner “stole money” from the customer’s account. The pending complaint alleges damages of $21,915.
In January 2022 Mr. Turner voluntarily resigned from Stifel Nicolaus & Company. According to the resignation’s disclosure on his BrokerCheck report, it was related to concerns regarding his “involvement with investments not offered at his prior firm while employed at the prior firm.”
A May 2022 article by AdvisorHub reports that UBS Wealth Management alleges that Mr. Turner “stole more than $17 million from customers as part of a scam that ran almost a quarter century.” The firm has reportedly filed a lawsuit against him in a Texas court for allegedly “fraudulently” soliciting 23 UBS clients to purchase at least $17 million in a “sham” investment outside the firm. The allegedly sham investment involved a company established by Turner and his “college buddy” Mark Woodward. The AdvisorHub report states that Turner and Woodward represented to their customers that their investments would earn “4% to 8% compounded quarterly,” and provided falsified account documents to mislead investors and conceal their fraud. The lawsuit is still pending.
According to the Financial Industry Regulatory Authority, Robert Turner holds 31 years of securities industry experience. He is not presently registered as a stockbroker or as a financial advisor. His past registrations include Stifel Nicolaus & Company (Waco, Texas; 2021-2022), UBS Financial Services (Waco, Texas; 1996-2021), and Merrill Lynch (New York, New York; 1991-1996). His credentials include the passage of four 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; and the General Securities Representative Examination, or Series 7. He does not hold any state licenses. (Information current as of May 12, 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.