Winston Wade Turner, formerly a registered broker with MetLife and Pruco Securities, has been accused by the Financial Industry Regulatory Authority (FINRA) of deceptive sales practices involving variable annuities.
According to InvestmentNews, FINRA’s complaint alleges Turner “engaged in a course of deception and other misconduct in connection with sales and exchanges of variable annuities involving numerous customers.”
Furthermore, the complaint alleges Turner persuaded some clients to exchange annuities, which subjected the clients to pay surrender charges, while at the same time generating additional commissions for himself.
Other allegations include allegedly forging customer signatures, and falsely representing the function of income riders on certain variable annuity contracts.
Investment News reports that the complaint referenced 12 clients affected by Turner’s conduct. Among them, five clients lost approximately $151,000 largely due to surrender charges.
Brokerage firms have a supervisory responsibility to monitor the activity of their employees and protect their clients from broker misconduct. When broker’s violate securities laws and regulations, the brokerage firm that employs them may be liable for negligent supervision and responsible for investment losses.
If you have concerns about investments you made with Winston Wade Turner, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. To speak to a securities attorney, please call our Chicago office at 312-238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit www.whitesecuritieslaw.com.