Zamansky LLC Investigates Potential Investment Fraud Claims Against Former UBS and Stifel Nicolaus Financial Advisor Robert Earl Turner Jr.
Our firm is investigating potential investment fraud claims by customers of former UBS and Stifel Nicolaus Financial LLC financial advisor Robert Earle Turner Jr. in Waco, Texas. Mr. Turner was employed by UBS Financial Services Inc. from March 1996 through October 2021, then employed by Stifel Nicolaus & Co, Inc. from October 2021 to February 2022.
In January 2013, Mr. Turner consented to an Acceptance, Waiver and Consent (AWC) with FINRA the Financial Industry Regulatory Authority, which permanently barred him from the Securities Industry.
From 1997 to 2021, while associated with UBS, Mr. Turner marketed, recommended, and sold to at least 30 of his UBS customers a “fixed annuity” product through Fairfax, which was an entity owned by a college friend. In truth, Fairfax was not a “fixed annuity” or a licensed insurance company authorized to sell fixed annuities. In total, Mr. Turner’s UBS customers invested over $7.2 million in Fairfax.
Mr. Turner recommendations to customers about how much money they should invest in the “fixed annuities.” At Mr. Turner’s direction, his customers wired money from their UBS accounts to the Fairfax bank accounts or wrote checks made payable to Fairfax, which Turner collected and sent to his friend. Mr. Turner represented that Fairfax used the proceeds from sales of the “fixed annuities” to invest in commercial real estate and oil and gas development projects. Based on Mr. Turner‘s representations and quarterly “annuity statements” that Fairfax sent to them, Mr. Turner‘s customers believed they would be earning a fixed, guaranteed rate of return of 4% to 8%.
Mr. Turner never disclosed his relationship to Fairfax’s owner, his friend, or that the “fixed annuities” was not legally authorized or approved investments at UBS. Mr. Turner violated FINRA’s rule against “selling away” as well as engaged in investment fraud in his sales and marketing of these fake “fixed annuities” to his customers.
Anyone who was a customer of Mr. Turner at UBS or Stifel Nicolaus who was sold a Fairfax “fixed annuity” may have a potential claim for investment fraud and selling away. Mr. Turner’s employers had a duty to supervise his activity for potential investment fraud, including that done “away” or outside the firm. Our firm is investigating potential investment fraud claims against on behalf of Mr. Turner’s customers for failure to supervise, respondeat superior and “selling away”.
What Are Your Rights as an Investor?
If you were a customer of Mr. Turner, and wish to discuss whether you have a case for potential investment fraud, please call investment fraud attorney Jake Zamansky at (212) 742-1414 or email for a free evaluation of your potential legal rights.