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.
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