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Zamansky LLC is Investigating Financial Advisor Robert Turner of Waco, Texas For Alleged Misappropriation of $17M of Customer Funds

May 11, 2022 Breaking News

Investment fraud attorney Jake Zamansky and his team are investigating possible claims on behalf of customers who have been harmed by the alleged misappropriation of customer funds by financial advisor Robert Turner of Waco, Texas. 

What Happened to Bring About the Investigation?

UBS Financial Services is suing former financial adviser Robert Turner of Waco, Texas for alleged misappropriation of over $17 million from at least 23 customers over a 24-year period. UBS is alleging fraud and seeking an order (a pre-judgment writ of attachment) for an expedited discovery process in the case and to seize Turner’s assets in order to help the company offset the reimbursement costs associated with customer repayment of their losses. A hearing has been set with Judge Vicki Menard for Friday, April 13, 2022.

The Relevant Timeline and Details

Turner worked at UBS for 25 years prior to going to work at Stifel Nicolaus in October of 2021. According to the lawsuit, during a 24-year period of time with UBS, Turner allegedly asked approximately 23 customers to buy supposed investments that were issued by Fairfax Financial Corporation – none of which were UBS products. The suit alleges that the investments, which had no assets to back them up, were fake. 

Claims made in the lawsuit also note that Turner allegedly gave his clients fraudulent account statements and portfolio summaries that he created and provided without UBS’ approval.

What are the Losses?

UBS’ petition alleges that they have reimbursed three customers a total of $5.8M since finding out about Turner’s scheme. However, as noted above, the company estimates total customer losses to exceed $17M. UBS’ customers were allegedly told that their so-called investments were earning anywhere from 4% to  8% (compounded quarterly). The lawsuit includes affidavits from three of Turner’s former customers who alleged that they invested $1.3M, $333,741 and $246,500, respectively, yet they got “nothing of value in return”  for those investments.

What Should Investors Do Next? Contact Investment Fraud Attorney Jake Zamansky

If you have suffered financial losses as a result of placing your hard-earned money in so-called investments that were allegedly issued by Fairfax Financial Corporation through former UBS financial advisor Robert Turner of Waco, Texas, you may be entitled to reimbursement of your losses. 

Investment fraud attorney Jake Zamansky has years of experience helping unsuspecting investors seek recovery for all of the money lost on fraudulent investment schemes perpetrated by unscrupulous financial advisors. Contact our office immediately to learn more about how we can help you recover your losses. Call 212-712-1414 or email jake@zamansky.com for a free case evaluation.