Ricardo Turlan, Former UBS Broker, Discharged Over Allegations

Ricardo Turlan is a previously registered broker who last worked for UBS Financial Services in San Antonio, Texas. Turlan’s record shows that in 2019 he was discharged from UBS after an investigation allegedly determined that he exercised discretion in client accounts without proper authorization and traded at unsuitable levels.

Before working for UBS Financial Services (CRD# 8174) starting in 2015, Turlan was previously registered with BBVA Securities Inc. (CRD# 27060), BBVA Compas Investment Solutions, Inc (CRD# 17086), BBVA Investments Inc. (CRD# 31769), and Citicorp Investment Services (CRD# 23988). He had been in the industry since 2001.

Ricardo Turlan Disclosures

Ricardo Turlan (Ricardo Patricio Perez-Turlan, Ricardo Patricio Ramirez, CRD# 4431836) is the subject of 5 disclosures on his publicly-available FINRA BrokerCheck report:

February, 2020: A regulatory disclosure states that Turlan was suspended “from associating with any FINRA member in all capacities.” For failing to respond to FINRA request for information.

July, 2019: Turlan was discharged from UBS Financial Services “after a Firm investigation determined (1) that he exercised discretion in two client accounts without written authorization; and (2) trading in other accounts reached levels that could be considered qualitatively unsuitable (ROAs between 3.0 and 9.0 for a twelve month period).”

March, 2019: A customer dispute states “The client alleges her Financial Advisor exercised discretion on the account even though she had not formally authorize it. The client further alleges she did not know which securities would be traded until after the fact. The client finally alleges her Financial Advisor promised her not to charge commissions in 2018 but he did.” The case was settled for $110,000.

January, 2016: A customer dispute states “Customer purchased United Mex States Bond, denominated in Mexican pesos, on 10/1/2014. Customer alleges representative converted US dollars to Mexican pesos to purchase bond without her consent.” $5,000 in damages were requested and the claim was denied.

August, 2015: A customer dispute stated “Customer purchased structured note in June, 2011. Customer alleges representative did not provide information in a timely fashion in regards to the structured note and the underlying securities to enable the customer to exit this note and purchase a different note.” $35,674 in damages was requested. The claim was denied.

Allegations Of Excessive, Unauthorized Trading Against Ricardo Turlan

FINRA Suitability Rule 2111 requires stockbrokers to have a reasonable basis for transactions in customer’s accounts. A transaction can appear suitable on its own but can be unsuitable when all transactions and the customer’s investment profile are considered. Churning, excessive trading by a broker to generate commissions, is a violation of FINRA rules and securities laws.

Stockbrokers are required to have authorization from their clients to carry out transactions unless the account is discretionary and the customer has provided written authorization that they broker can buy and sell at their discretion. Trading without permission or approval from the customer is unauthorized trading.

Contact Silver Law Group If You Have Investment Losses From Unauthorized Or Excessive Trading

Silver Law Group has experience recovering losses related to churning and unauthorized trading. Our firm has filed FINRA arbitration claims against UBS, and our forensic accountants and attorneys can help you determine if your losses were caused by excessive trading.

We represents investors nationwide in cases of stockbroker misconduct and securities and investment fraud. Contact Scott Silver, Silver Law Group’s managing partner at ssilver@silverlaw.com or toll free at (800) 975-4345.