Former UBS Broker Robert Turner in Waco, Texas May Have Stolen Over $17M From Customers

Ex-UBS Financial Services Broker Robert Turner Investigated For Stealing Clients’ Money

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is looking into claims of losses involving former UBS Financial Services broker Robert Earl Turner. Although no longer a registered broker or investment advisor, Turner worked in the industry for 31 years. He spent 25 years at UBS until October 2021. He is accused of stealing money from customers in a scam that allegedly lasted for over two decades. 

In late 2021, Turner and his wife joined Stifel, Nicolaus, & Co. She is still with that firm, although Robert left after just several months in early 2022. While at UBS Financial Services, they reportedly oversaw $900M in customer assets and made about $3M in yearly revenue.

In April 2022, UBS filed a lawsuit against Robert Turner, accusing him of allegedly defrauding nearly two dozen investors of more than $17M. The firm, which said it has already paid $5.7M to three of its clients related to this alleged scheme, wants the Turners to pay the rest. UBS Financial Services also filed a Financial Industry Regulatory Authority (FINRA) arbitration case against Robert Turner.

SSEK Law Firm represents investors against broker-dealers and financial advisors whose misconduct or failure to supervise led to them becoming investment scam victims. If you are a former customer of UBS broker Robert Turner who sustained losses, call our broker-dealer negligence lawyers at (800) 259-9010 today.

Broker Robert Turner Allegedly Involved in Selling Away

Robert Turner’s BrokerCheck record notes five disclosures, including:

• 4/2022: A $725K pending customer dispute that appears to be related to the alleged investment scam.
• 2/2022: A selling away case that also seems related to the alleged scheme.
• 2/2022: An investor fraud case in which the claimant, who is seeking nearly $22K, accuses Turner of stealing money from her.
• 10/2020: A customer dispute involving a variable annuity that was settled for $150K.

One disclosure from January 2022 notes that Turner voluntarily resigned from Stifel, Nicolaus, over selling away allegations related to his time at UBS. Before joining UBS Financial Services, he was a Merrill Lynch, Pierce, Fenner & Smith registered representative. 

Alleged Investor Scam Went On For Over Two Decades, Claims UBS 

In its lawsuit, UBS Financial Services contends that Robert Turner and a friend from college, Mark Woodward, solicited customers with whom he had personal or familial ties. They persuaded a number of these individuals to invest in their alleged “sham” company Fairfax Financial Corporation. Woodward died in December 2021.

The firm also contends that Turner engaged in selling away. This means he sold this investment that the firm had never authorized or approved. Yet, that doesn’t mean the brokerage firm has no alleged liability for its former financial advisor’s alleged misconduct.   

Broker-dealers have a duty to properly supervise their registered representatives and prevent, identify, or stop financial advisor misconduct while protecting their clients’ assets. 

Seasoned Broker Misconduct Lawyers Representing Investors Against UBS Financial Services

Over the years, SSEK Law Firm has gone up against UBS Financial Services on behalf of investors who have been bilked by their financial advisors. We have obtained damages for them. Please contact our broker misconduct attorneys today. 

Throughout the US, call SSEK Law Firm at (800) 259-9010. In Texas, call (713) 227-2400 in Houston or (214) 613-5306 in Dallas.