FINRA’s complaint focuses on several areas of potential misconduct. According to the allegations, Turner induced customers to exchange existing investments, often times incurring large surrender charges, while hiding the true source of the customers’ funds from his brokerage firm. In order to hide his scheme, Turner allegedly split the exchanges in multiple transactions in any effort to circumvent additional supervisory scrutiny from his brokerage firm. Turner is also accused of using forged signatures, as well as using email addresses he owned while claiming them to be emails of customers on various documents so he would receive the account notifications instead of the actual customer.
Based upon the foregoing misconduct, FINRA alleges Turner violated FINRA Rule 2010, 2020, 3270, 4511, 8210, and NASD Conduct Rule 3040, as well as Section 10(b) of the Securities Exchange Act of 1934, Rule l0b-5 thereunder. According to FINRA, Turner failed to observe high standards of commercial honor and just and equitable principles of trade by engaging in the foregoing conduct, and thereby violated FINRA Rule 2010.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you suffered investment damages investing with Turner through MetLife or Pruco, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation or complete our free case evaluator.