FINRA initiates investigation into Sarasota broker after multiple customer complaints
Winston Wade Turner, a broker who was most recently registered with Pruco Securities in Sarasota, Florida, is being investigated after FINRA filed a complaint against Turner in regard to numerous customer disputes, including attempting to defraud customers by convincing them to exchange their existing variable annuities and other securities while hiding these exchanges from his firm. His actions caused his clients to incur excessive surrender charges and five of his clients lost approximately $151,000.
According to FINRA, Turner falsified information in relation to the variable annuity transactions and he evaded his firm’s supervisory review process by lying to them about the source of funds in variable annuity purchases. He is also accused of deceptive conduct because he used his personal email addresses as the email address of his customers so that he would receive account notifications instead of his customers. Additionally, he submitted documents bearing forged customer signatures.
The FINRA report also shows that Turner allegedly made payments to a customer from his own funds while making it appear to the customer that the funds were coming from his firm. As a result of these and other claims against him, Turner was terminated from Pruco Securities in August 2015.
With several disputes against him still pending, Turner has refused to provide information and documentation that was requested by the FINRA and failed to appear for his scheduled on-the-record testimony.
Turner has worked in various firms since 2001, in both Georgia and Florida. If you have enlisted his services and lost money as a result of this relationship, you may be able to recover some or all of your losses. For more information on the complaints against him, review his BrokerCheck report, which is a complimentary service provided by FINRA.
Silver Law Group represents the interest of investors who are victims of investment fraud. If you have questions about your legal rights or need help, please contact us today for a complimentary consultation with one of our experienced securities arbitration attorneys.