FINRA Bars Former California Broker Tracy Rae Turner
According to various reports, FINRA’s Department of Enforcement charged former broker Tracy Rae Turner (CRD # 1385745) with participating in private securities transactions, in violation of NASD Rule 3040 and FINRA Rule 2010.
The complaint alleges that Turner sold $4.1 million in interests in saltwater disposal wells that are used in oil and gas production to 12 investors without giving his employer firm prior written notice. Enforcement also charges Turner with disseminating false and misleading communications to the public about the investments and failing to get prior approval for the communications.
FINRA has barred Turner from associating with any FINRA member firm in any capacity and fined $272,879.04, an amount equal to the commissions he earned from the sales.
Turner is also suspended for one year from associating with any FINRA member firm in any capacity and fined $20,000 for violating FINRA’ s advertising rules.
For FINRA’s full findings see, FINRA Case # 2014040338401.
According to his FINRA Broker Check report, Tracy Rae Turner was most recently registered with Colorado Financial Service Corporation in Carlsbad, CA from January 2012 through December 2014. Prior to that, he worked at Lighthouse Capital Corporation in Vista, CA.
Turner currently has 35 disclosure events listed on his Brokers Report, including 31 customer complaints. Allegations include unsuitability, unauthorized transactions, misrepresentation, breach of contract, negligence among others.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
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