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

The work that you and your team have performed on my behalf is exemplary.

JT

LATEST NEWS AND ARTICLES

1793817807 Law
November 4, 2026
Bank of America Faces More Than $1.21 Billion in Penalties Over Money Laundering and Sanctions Failures

Federal regulators have imposed more than $1.21 billion in penalties against Bank of America for anti-money laundering and compliance failures.

1793816912 Law
November 4, 2026
Wells Fargo and Merrill Lynch Agree to $4.4 Million Settlement Over Excessive Trading Commissions

Wells Fargo and Merrill Lynch will pay a combined $4.4 million to resolve allegations that they overcharged customers on small-dollar securities transactions.

1793645928 Law
November 2, 2026
FINRA Finds Florida Broker Violated Regulation Best Interest in Variable Annuity Exchanges

The Financial Industry Regulatory Authority (FINRA) has found that a Florida-based registered representative violated Regulation Best Interest (Reg BI) by recommending that eight retired clients exchange their variable annuities.