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

I want to thank you for your excellent professional representation. It was greatly appreciated.

Michael M.

LATEST NEWS AND ARTICLES

March 13, 2026
Connecticut Advisor Pleads Guilty to Ponzi-Like Investment Fraud and Tax Evasion

Federal prosecutors announced that investment adviser John A.

March 12, 2026
Cape Coral Becomes Ground Zero for Private Lending Strains in Post-Pandemic Housing Market

Cape Coral, Florida, long a magnet for out-of-state real estate investors, now illustrates the growing risks of private lending in residential development.

March 11, 2026
SEC and Commonwealth Financial Network Move Toward Settlement in Revenue Sharing Disclosure Case

The Securities and Exchange Commission (SEC) and Commonwealth Financial Network notified a federal court that they are attempting to resolve a long running enforcement dispute involving alleged disclosure failures tied to revenue sharing payments, according to ThinkAdvisor.