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Robert Turley Involved in Disputes Alleging Unsuitable Investment Recommendations

Feb 8, 2022 Investor Disputes

Robert Turley (CRD #: 1519293), a broker registered with Independent Financial Group, is facing a pending dispute alleging unsuitable investment recommendation, according to his BrokerCheck record, accessed on January 15, 2022. 

According to the allegations filed on October 25, 2021, Robert Turley recommended unsuitable investments. The investor is seeking $76,700the case is pending. 

Prior Unsuitability Disputes 

This is not Robert Turley's first investor dispute alleging unsuitable investment recommendations.  

On December 19, 2019, Robert Turley was involved in a similar dispute alleging high-risk and unsuitable investment recommendations made between 2012 and 2015. The investor sought $120,000; the dispute settled for $10,000.  

On March 30, 2021, Robert Turley was involved in an investor dispute. According to the investor, Robert Turley recommended unsuitable non-traded REITs. The investor is seeking $50,000the case is still pending. 

What are REITs? 

A real estate investment trust (REIT) is an entity that holds a portfolio of income-producing real estate properties. A REIT could contain anything from office buildings and other commercial units to apartment buildings or healthcare facilities. By putting their money into a REIT, investors can own a share of those properties. REITs can be unsuitable due to their illiquid nature. Many REITs expect investors to keep their money in the investments for an extended period. REITs may also be unsuitable based on their underlying real estate investments. 

If you lost money in unsuitable REITs, you might have a viable claim against your broker, and you should not hesitate to contact the securities attorneys of Kurta Law. 

Unsuitable Investment Recommendations Violate FINRA Rule 2111 

FINRA Rule 2111 defines suitable investments as securities that fit an investor's profile. An investor's profile includes information about their risk tolerance, financial goals, and age. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration. 

  • Investments can be unsuitable because they are high risk and likely to lose money. 
  • Securities may also be unsuitable because they are illiquid, meaning they are intended to be held for an extended time, and investors may have to pay high fees to cash out. 
  • Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades. 
  • These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are over-concentrated in a particular stock or sector. 

Background Information 

Robert Turley has passed the following exams: 

  • Series 63 - Uniform Securities Agent State Law Examination 
  • SIE - Securities Industry Essentials Examination 
  • Series 62 - Corporate Securities Limited Representative Examination  
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination 
  • He is a registered broker in 14 states.  

Robert Turley has also worked with the following firms: 

  • Sentra Securities Corporation (CRD#:10249) 
  • Jefferson Pilot Securities Corporation (CRD#:3870) 
  • Prime Capital Services (CRD#:18334) 
  • Lifemark Securities Corp. (CRD#:16204) 
  • Pruco Securities Corporation (CRD#:5685) 

Kurta Law Can Help 

If you have worked with Robert Turley and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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.