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Ricardo Turlan Suspended By FINRA Following Allegedly Unauthorized Trades

Jul 26, 2021 FINRA Suspension

Ricardo Turlan (CRD #: 4431836), a broker formerly registered with UBS Financial Services, has been suspended by FINRA, according to his BrokerCheck record, accessed on July 9, 2021.

Ricardo Turlan’s Two Suspensions

Suspension Alleging Unauthorized Trades:

Between June 2017 and February 2019, Ricardo Turlan allegedly executed approximately 130 unauthorized transactions in the accounts of two investors. FINRA alleged that the broker did not receive written authorization from either investor to execute those trades, nor had UBS approved the accounts for discretionary trading.

Additionally, FINRA alleged that in 2018 Turlan mismarked approximately 72 trades as unsolicited.

As part of the terms of the AWC, Turlan consented to a $7,500 deferred fine, to be paid either immediately or upon re-association with a brokerage. On June 3, 2021, he also agreed to a two-month suspension.

You can read a copy of the AWC here.

Suspension Alleging Ricardo Turlan Failed to Cooperate with FINRA Investigation:

On February 20, 2020, FINRA suspended Turlan following allegations that he failed to respond to a FINRA request for information. The suspension lasted from March 16, 2020, to June 1, 2020.  

Ricardo Turlan's Employment Separation After Allegations

On July 9, 2019, Ricardo Turlan was fired from his position at UBS Financial Services following the firm’s allegations that he exercised discretion in two investor accounts without written authorization. UBS further alleged that his trading in other accounts had reached levels that could be considered qualitatively unsuitable – i.e., the fees associated with the transactions were too high to justify any benefit to the investor.

Investor Dispute

On March 8, 2019, an investor alleged that Ricardo Turlan exercised discretion in her account without her authorization. The investor further alleged that Turlan charged her commissions even though he had promised her not to. The dispute settled for $110,000.

Ricardo Turlan Background Information

Turlan has passed the following exams:

  • Series 65 Uniform Investment Adviser Law Examination
  • Series 63 Uniform Securities Agent State Law Examination
  • Securities Industry Essentials Examination
  • Series 7 General Securities Representative Examination

Turlan has worked for the following firms:

  • UBS Financial Services (CRD #: 8174)
  • BBVA Securities (CRD #: 27060)
  • BBVA Compass Investment Solutions (CRD #: 17086)
  • BBVA Investments (CRD #: 31769)
  • CitiCorp Investment Services (CRD #: 23988)

Kurta Law Can Help 

If you worked with Ricardo Turlan and you have concerns about unauthorized trading, contact Kurta Law today. Call 212-658-1502 or email jkurta@kurtalawfirm.com.