Chicago-based Stoltmann Law Offices is representing clients who’ve suffered investment losses from advisors who sold fraudulent investments products and offerings. Firms like UBS argue these are frequently, “selling away” claims, suggesting they have no liability for the wrongs of their brokers who go far afield to rip off their clients. The big banks are wrong.
UBS Financial Services is suing Robert Turner, of McGregor, Texas, on fraud allegations and is asking a judge to seize Turner’s assets to help UBS offset the cost of repaying its customers for some $17 million in losses. Turner is a former broker with UBS.
The lawsuit alleges Turner solicited at least 23 UBS customers to buy “purported investments” issued by Fairfax Financial Corporation. UBS claims the products were not authorized by the broker and didn’t know Turner was selling them. Turner, 67, worked at UBS for 25 years before going to work for Stifel, Nicolaus & Co. in October 2021. He has since resigned from Stifel and has lost his license as a financial adviser.
“The investments were a sham,” the suit alleges. “UBS has learned that there were no assets backing the ‘investments. It was just a scheme that Robert Turner and his college buddy, Mark Woodward, cooked up.” Woodward, 68, who lived in New Braunfels, Texas, took his own life Dec. 20, a local TV station reported, three days after the FBI confronted him about the allegations. The lawsuit identifies him as managing trustee of Fairfax.
Turner, the lawsuit claims, “provided his clients fraudulent account statements that he and/or Woodward created. Turner gave the customers `portfolio summaries’ that he generated without the approval or review of UBS, instead of giving them official UBS statements and reports.”
The UBS suit also named Turner’s wife Stephanie as a defendant as part of its efforts to freeze assets but otherwise made no allegations against her. In September 2021, Stephanie led her and her husband’s team to Stifel. The group had overseen $900 million in customer assets and generated around $3 million in annual revenue, a Stifel spokesman said.
UBS customers were pitched that their “purported investments were earning between 4% and 8% compounded quarterly.” UBS is seeking to prevent Turner from “absconding with or concealing their remaining assets,” according to the suit. Turner’s clients, three customer affidavits stated, allege they invested $333,741, $246,500, and $1.3 million, respectively, and received nothing of value in return for the transactions.”
If you are a victim of Robert Turner’s scam, you have rights enforceable against UBS Financial Services. So far, UBS has paid out over $5 million to victims of this scam with another claim pending for $725,000, according to FINRA BrokerCheck. That means there are still roughly twelve million dollars in victims out there who could have valid claims against UBS to recover this money. Please contact Stoltmann Law Offices, P.C. at 312-332-4200 for a free, no obligation consultation with a securities attorney. Stoltmann Law Offices is a contingency fee law firm which means we do not get paid until you do!
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