October 17, 2016 Comments (0) Current Investigations, Securities Fraud

Winston Wade Turner Barred from Securities Industry

(Last Updated On: October 17, 2016)

According to FINRA, Winston Wade Turner (CRD #5965386, Tampa, Florida) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Turner falsified information relating to variable annuity transactions. The findings stated that Turner circumvented his member firm’s supervisory review process by misrepresenting the source of funds in variable annuity application materials in connection with exchanges by customers.

Allegedly, Turner further circumvented his firm’s supervisory review process by lying to the firm about the source of funds for the variable annuity purchases and about the relationship between a customer and Turner’s former marketing assistant. Turner also engaged in deceptive conduct by misrepresenting his personal email addresses as the email address of his customers, by submitting documents bearing forged signatures of a customer, and by making payments to a customer from his own funds while creating the false appearance that the funds were coming from the firm.

The findings also stated that Turner allegedly falsified his firm’s books and records by submitting falsified variable annuity applications, questionnaires, customer information forms, and related documents for the exchanges by customers, by submitting documents with forged signatures of a customer, Disciplinary and Other FINRA Actions 29 October 2016 and by misrepresenting his own email address as that of customers.

The findings also included that Turner allegedly induced customers to purchase securities by intentionally or recklessly making material misstatements and omissions regarding the earnings to be generated by their variable annuities, and as to the tax impact of a transaction involving one customer. As a result, Turner willfully violated Section 10(b) of the Exchange Act and Rule 10b-5, and violated FINRA Rule 2020. FINRA found that Turner allegedly failed to disclose or provide accurate and timely disclosure of his outside business activities, and failed to disclose or obtain authorization from his firm to engage in private securities transactions. FINRA also found that Turner refused to produce significant categories of information FINRA requested, and failed to appear for his scheduled on-the-record testimony.

For FINRA’s full findings see FINRA Case #2013038398401.

According to FINRA Broker Check, Turner was registered with Pruco Securities in Sarasota, FL from 07/2013 – 08/2015. He was discharged in August 2015.

In addition, Broker Check lists eighteen (18) customer disputes against Turner, including the following:

 

07/29/2016

Customer Dispute – Settled

Allegations

The client alleged that representative did not explain that she would incur annuity surrender charges and that funds she gave to the representative for purchase of a Prudential product were used to purchase a product issued by a different insurer.

Damage Amount Requested

$40,000.00

Damages Granted

$78,439.97

06/06/2016

Customer Dispute – Settled

Allegations

The client alleges that representative made several misrepresentations regarding the guaranteed minimum percentage growth and surrender charges provisions of his policies.

Damages Granted

$75,507.39

05/31/2016

Customer Dispute – Settled

Allegations

The client alleges that representative recommended a surrender of a Metlife annuity and did not fully disclose all the facts regarding the tax consequences incurred as a result,

Damage Amount Requested

$27,399.00

Damages Granted

$28,325.00

05/02/2016

Customer Dispute – Settled

Allegations

Complaint was not initially reported because it was received verbally. The U5 is being Amended because of the settlement amount.

Damages Granted

$20,263.78

03/28/2016

Customer Dispute – Pending

Allegations

Registered Representative (RR) did not disclose surrender charges or market value adjustment charge in connection with surrender of an annuity, misrepresented the tax consequences of such transaction, and misrepresented that there would be no surrender charges due to customer’s disability and that such charges would be returned to her account. RR made some personal payments to the customer and misrepresented them to be reimbursements of the surrender charges. ADDITIONAL CORRESPONDENCE RECEIVED ON 5/12/16- The client alleges that the representative stole money from her and that she lost the money plus interest that could have been gained during that time. ADDITIONAL CORRESPONDENCE RECEIVED ON 7/6/16 – Customer Alleges that the rep did not fully disclose all the facts regarding Guarantees & Risks.

Damage Amount Requested

$19,000.22

03/16/2016

Customer Dispute – Settled

Allegations

THIS COMPLAINT WAS ORIGINALLY RECEIVED AS A VERBAL COMPLAINT AND WAS NOT REPORTED. IT IS NOW BEING REPORTED BECAUSE OF THE SETTLEMENT AMOUNT OF $29,737.15.

Damages Granted

$29,737.15

 

The White Law Group continues to investigate the liability that Turner’s employers may have for losses sustained by his clients. (SEE FINRA Investigates Winston Wade Turner.)

Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules and they can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.

If you suffered losses investing with Winston Wade Turner and Pruco Securities, the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.

The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group and it’s representation of investors, visit www.whitesecuritieslaw.com.