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Robert Turner Subject of Outside Business Allegations

Apr 22, 2022 Outside Business Activities

Robert Turner (CRD #: 2113736), a former broker, is involved in a pending investor dispute, according to his BrokerCheck record, accessed on April 14, 2022. Keep reading to learn more about Robert Turner’s conduct as a broker.

On April 8, 2022, an investor alleged that Robert Turner defrauded them via a bogus scheme to invest. The investor is seeking $725,000 in this pending dispute.

Allegations of Outside Business

On February 14, 2022, an investor alleged that Robert Turner stole money from her account. The investor sought $21,915 but the dispute settled for considerably more—$468,686.05. 

In a pending dispute filed on February 2, 2022, an investor alleges that Robert Turner funneled money out of his account to a college friend between January 2, 2002, and February 17, 2022, as well as unspecified allegations of selling away.

FINRA Rule 3270

FINRA Rule 3270 prohibits brokers from engaging in business outside of their role as a broker unless they give proper notice to their firm. Also known as selling away, engaging in outside business includes recommending investments offered by other brokerages without their firm’s approval.

There are no outside businesses listed on Robert Turner’s detailed BrokerCheck report.

Resignation from Stifel, Nicolaus & Company

On January 27, 2022, Robert Turner voluntarily resigned from Stifel, Nicolaus & Company, allegedly following concerns of selling away while employed by his previous firm, UBS Financial Services.

Alleged Misrepresentation of Investment

A dispute filed on October 27, 2020, alleged that Robert Turner misrepresented a variable annuity as offering a 7% withdrawal rate as a living benefit and that the original premium would be reserved as a death benefit so long as the 7% withdrawal rate was not exceeded. The dispute was settled for $150,000.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of manipulation, deception, and other fraudulent tactics to influence the purchase and sale of securities. This includes misrepresentation of an investment’s risks, costs, and dividends.

Background Information

Robert Turner has passed the following exams:

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

He previously worked for the following firms:

  • Stifel, Nicolaus & Company (CRD#:793)
  • UBS Financial Services (CRD#:8174)
  • Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)

Kurta Law Can Help

If you worked with Robert Turner 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.