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Michele Turk Allegedly Gave Unsuitable Investment Recommendations

Jun 10, 2022 Unsuitable Investments

Michele Turk (CRD #: 4653711), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, allegedly made unsuitable investment recommendations, according to her BrokerCheck record, accessed on June 5, 2022. If you have questions about Michele Turk’s conduct as a broker, read on.

Investor Dispute

On May 3, 2022, an investor alleged that Michele Turk provided unsuitable investment recommendations. This dispute was denied by the firm.

However, investors should be aware that firms can deny disputes without any external review. Investors can still seek out FINRA arbitration after a denial and potentially recover their losses.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate the suitability of an investment for their client’s financial goals. Brokers must take into account the following investor characteristics, describe in the investor’s profiles:

  • Age
  • Financial goals
  • Risk tolerance
  • Time horizon (i.e., how long the investment will be held)
  • Investing experience
  • Tax status

Investors can recover losses caused by unsuitable investment recommendations by pursuing FINRA arbitration. 

New York State Regulatory Action

On July 26, 2012, the New York State Department of Financial Services penalized Michele Turk in connection with allegations she worked with an unauthorized insurance company. 

The state alleged that, from April through September 2009, Michele Turk solicited, negotiated, and/or delivered annuity contracts issued by Bankers Life and Casualty Company, an insurance company unauthorized in the state of New York.

The Department of Financial Services further alleged that Michele Wu aided and facilitated Bankers Life Insurance in doing business in the state of New York, violating Section 2117 of the New York Insurance Law.

Michele Turk was penalized $1,000.

New York Insurance Law Section 2117

Section 2117 of the New York Insurance Law bans brokers and firms from working with unlicensed health insurance providers or health maintenance organizations.

Background Information

Michele Turk has passed the following exams:

  • Series 66 - Uniform Combined State Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

Michele Turk is a registered broker in 28 states and the District of Columbia. She is also a registered investment adviser in Connecticut, New York, and Texas.

She has also worked for the following firms:

  • UVEST Financial Services Group (CRD#:13787)
  • Key Investments Services (CRD#:136300)
  • McDonald Investments (CRD#:566)

Kurta Law Can Help

If you worked with Michele Turk and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.