Robert Earl Turner, Formerly of Stifel, Nicolaus & Company, Barred by FINRA Following Allegations of Participating in Private Securities Transactions

INVESTORS: Former Stifel, Nicolaus & Company broker Robert Earl Turner was barred by FINRA following allegations he participated in private securities transactions without providing prior written notice to his member firm.

Robert Earl Turner (CRD#: 2113736) was registered as a broker with Stifel, Nicolaus & Company from 2021 until 2022. Previously, Turner was registered as a broker with UBS Financial Services from 1996 until 2021.

Turner has nine disclosures on his BrokerCheck report. 

January 2023 Regulatory Judgment

Status: Final

Initiated By: FINRA

Allegations: Without admitting or denying the findings, Turner consented to the sanction and to the entry of findings that he participated in private securities transactions without providing prior written notice to his member firm before participating in the sale of fixed annuities that were outside the scope of his employment with the firm. The findings stated that Turner marketed, recommended, and sold fixed annuities offered by an entity formed by his college friend and business acquaintance to customers of Turner’s firm, who collectively invested over $7.2 million in the entity. The entity fixed annuities were not, in fact, fixed annuities, but rather securities. The entity was not a licensed insurance company, nor was it licensed or authorized to sell fixed annuities at any time during the period when Turner sold the entity fixed annuities. Based on Turner’s representations and quarterly annuity statements that the entity sent to them, Turner’s customers believed they would be earning a fixed, guaranteed rate of return of between four percent and eight percent, compounded on a quarterly basis. Turner did not disclose his affiliation with his friend to any of his customers who invested in the entity fixed annuities. Further, Turner actively concealed from the firm his involvement in selling the fixed annuities, which he knew were not an approved firm product, by directing his friend to send copies of the entity quarterly annuity statements to his personal P.O. Box instead of his firm office. Turner also falsely attested on several firm compliance certifications that he understood and agreed to comply with the firm’s prohibition on selling away. In addition, one of Turner’s former firm customers sought to withdraw her entire investment from the entity, which the most recent annuity statement she received had led her to believe was valued at over $450,000. Turner’s friend died before the customer received any money from her investment in the entity. Following the friend’s death, those of Turner’s customers who invested in the entity lost most, if not the entirety, of their investments.

Resolution: Acceptance, Waiver & Consent (AWC)

Bar: Bar (Permanent)

Registration Capacities Affected: All Capacities

Duration: Indefinite

Start Date: 1/27/2023

May 2022 Customer Dispute

Status: Settled

Allegations: Time Frame: March 1, 2021 to May 22, 2022 The client alleges his money was invested in a fraudulent manner by his Financial Advisor. The client further alleges his Financial Advisor was not looking out for his best interest and did not manage his money honestly.

Damage Amount Requested: $335,692.25

Settlement Amount: $335,692.25

April 2022 Customer Dispute

Status: Settled

Allegations: Time Frame: August 01, 2002 – April 08, 2022 The client alleges they were defrauded by the Financial Advisor when presented with a bogus scheme to invest.

Damage Amount Requested: $725,000.00

Settlement Amount: $3,213,467.54

February 2022 Customer Dispute

Status: Settled

Allegations: Time Frame: January 02, 2002 – February 17, 2022 Client alleges that money was funneled from his account by the FA to his college friend and makes further allegations of selling away.

Settlement Amount: $5,070,514.16

February 2022 Customer Dispute

Status: Settled

Allegations: Time Frame: January 23rd, 2020 to January 19th, 2021 What were the allegations against the individual? The client alleges the financial advisor stole money from her account.

Damage Amount Requested: $21,915.00

Settlement Amount: $468,686.05

February 2022 Customer Dispute

Status: Settled

Allegations: Time Frame: June 30, 2010 to February 1, 2022 What were the allegations against the individual? The client alleges He was aware of the Fairfax investment, but thought it was an interest bearing account. He does not know what an annuity is and wasn’t aware that he purchased one at Fairfax.The alleged damages are estimated to be in excess of $5,000.00.

Settlement Amount: $975,487.02

February 2022 Customer Dispute

Status: Settled

Allegations: Time Frame: January 2, 1997 to February 1, 2022 What were the allegations against the individual? The client alleges his FA represented that he would receive a guaranteed rate of 7.75% initially and then he believes it could drop down to a rate of 5% but not fall below that rate for as long as he owned it. The alleged damages are estimated to be in excess of $5,000.00.

Settlement Amount: $1,992,839.22

April 2021 Employment Separation After Allegations

Firm Name: Stifel, Nicolaus & Company, Incorporated

Termination Type: Voluntary Resignation

Allegations: Concerns related to FAs acknowledgement of involvement with investments not offered at his prior firm while employed at the prior firm.

October 2020 Customer Dispute

Status: Settled

Allegations: Time Frame: February 28 2006 to October 27, 2020 Client verbally alleges the variable annuity was represented as offering a 7% withdrawal rate as a living benefit and that as long as the 7% withdrawal rate was not exceeded, then the original premium was a protected death benefit

Settlement Amount: $150,000.00

Broker Comment: This is a settlement filing. No filing on opening as complaint was verbal.

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