Tr?id=566623520170033&ev=PageView&noscript=1

ÍøÆØ³Ô¹Ï

FINRA Bars Former UBS Advisor Who Allegedly Misappropriated $7.2 Million

Posted on February 13th, 2023 at 2:00 PM
FINRA Bars Former UBS Advisor Who Allegedly Misappropriated $7.2 Million

From the Desk of Jim Eccleston at ÍøÆØ³Ô¹Ï

The Financial Industry Regulatory Authority (FINRA) has barred a former UBS financial advisor for allegedly misappropriating millions of dollars from clients. 

The former UBS advisor, Robert Turner, siphoned funds to a business controlled by his college friend. FINRA alleges that Turner convinced at least 30 clients to invest nearly $7.2 million in purported “fixed annuities” between 1997 and 2021. However, the “fixed annuities” were merely private securities managed by the college friend, according to FINRA. Turner agreed to the bar without admitting or denying any of FINRA’s investigatory findings. The scheme was uncovered in 2021 after a client attempted to withdraw her entire investment from the purported annuity company, known as Fairfax Financial, according to FINRA. Turner also falsely stated that he was not participating in private securities transactions on annual compliance questionnaires at UBS. 

According to FINRA, Fairfax Financial routinely sent “annuity statements” to improperly represent that the funds had been invested in commercial real estate as well as oil and gas developments. Turner and his wife, Stephanie, generated nearly $3 million in annual revenue and oversaw at least $900 million in assets at UBS. While the two departed UBS for Stifel, Nicolaus & Co. in September 2021, Turner resigned four months later after “concerns related to FAs acknowledgment of involvement with investments not offered at his prior firm while employed at the prior firm”, according to BrokerCheck. 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: Eccleston, ÍøÆØ³Ô¹Ï

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I just received this letter from the CFP Board. Thank you, Thank you, THANK YOU!

David Y

LATEST NEWS AND ARTICLES

1778171646 Law
May 7, 2026
FINRA Bars Former Raymond James Broker for Refusing Testimony in Unauthorized Trading Probe

A former registered representative with Raymond James has been barred from the securities industry after refusing to cooperate with a Financial Industry Regulatory Authority (FINRA) investigation into alleged unauthorized trading activity.

1778084309 Law
May 6, 2026
FINRA Outlines Key Rulemaking Priorities and Recent Developments in Quarterly Agenda

The Financial Industry Regulatory Authority (FINRA) recently released its Quarterly Regulatory Policy Agenda, offering a detailed view of its rulemaking priorities, pending proposals, and recently approved regulatory changes.

1778000603 Law
May 5, 2026
Commonwealth Financial Network Resolves SEC Conflict of Interest Case

Commonwealth Financial Network has agreed to pay $5 million to resolve a long-standing conflict of interest case brought by the Securities and Exchange Commission, according to reporting by ThinkAdvisor.