Tr?id=566623520170033&ev=PageView&noscript=1

UBS Sues Former Advisor Robert Turner Over Alleged Misappropriation of Client Funds

Posted on June 10th, 2022 at 11:23 AM
UBS Sues Former Advisor Robert Turner Over Alleged Misappropriation of Client Funds

From the Desk of Jim Eccleston at Eccleston Law:

UBS Financial Services has filed suit against a former Waco, Texas, advisor who allegedly misappropriated nearly $17 million from at least 23 investors over a 24-year period. 

UBS is alleging fraud and is seeking an asset freeze in order to assist the company with covering its reimbursement costs. The advisor, Robert Turner, allegedly convinced 23 clients to purchase purported investments issued by Fairfax Financial. However, the investments were fake and had no assets to back them up, according to the suit. 

According to UBS’ petition, the firm has already reimbursed three clients a total of $5.8 million since discovering Turner’s scheme. Nevertheless, the company has determined that total client losses are likely to exceed $17 million, as clients were falsely informed that their purported investments would generate 4% to 8% returns compounded quarterly.  

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters. Those with information should contact Eccleston Law LLC.

Tags: eccleston law, ubs, texas advisor

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I have the best legal firm in the country to defend me. Awesome job!

Cindy C.

LATEST NEWS AND ARTICLES

1793380402 Law
October 30, 2026
Former LPL Broker Faces Federal Charges in Alleged $11 Million Ponzi Scheme

Federal prosecutors accuse former LPL Financial broker William B.

1793294906 Law
October 29, 2026
FINRA Bars Former LPL Financial Broker for Refusing to Cooperate With Investigation

?The Financial Industry Regulatory Authority (FINRA?) barred Buddy Dean Mason, a former LPL Financial broker in Lakeland, Florida, after he refused to provide documents and information during an investigation into a customer complaint involving an alleged outside investment.

1793209405 Law
October 28, 2026
FINRA Panel Orders Kingswood Capital Partners and Executives to Pay Former Advisor $11.3 Million

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Kingswood Capital Partners LLC, CEO Michael Nessim, and Chief Compliance Officer Mohamed Alsoraimi to pay former advisor Rikin Patel $11,341,369.25.