Stock Market Loss securities attorneys are investigating allegations against Winston Wade Turner, a previously registered broker who has been barred by the Financial Industry Regulatory Authority. Turner is prohibited from serving as a broker or associating himself with companies that offer securities to the public. Formerly of Metlife Securities Inc. and Pruco Securities, LLC, Turner accrued nearly two dozen disclosures — including customer disputes, a regulatory action, and a separation following allegations — during his three-year tenure in the industry.
Turner has nearly two dozen customer complaints from August 2013 through March 2017. They allege a wide array of wrongdoing, perhaps most commonly misrepresentations and omissions pertaining to sales of annuities.
Variable Annuity Fraud
FINRA alleged in February 2016 that Turner falsified data pertaining to variable annuities. The agency asserted that the broker failed to go through the supervisory review process in his firm by misrepresenting fund sources in application materials for variable annuities. In addition, he allegedly lied to the company about the relationship between his former marketing assistant and a customer, and he was accused of presenting his personal email addresses as belonging to customers.
The agency also accused him of submitting documents with forged customer signatures and falsifying financial records and customer documents. He was accused of having “willfully violated” a section of the Securities Exchange Act of 1934 along with a FINRA rule by misrepresenting information to induce customers to purchase securities about expected earnings. As a result of the agency’s complaint, Turner was barred from acting as a broker as of August 2016.
If you’ve lost money because of misconduct by a stockbroker, the financial adviser malpractice team at McCarthy, Lebit, Crystal & Liffman Co., LPA, are ready to assist you. Contact Stock Market Loss for a consultation.