BROKER REPORT: Former Pruco Securities Financial Advisor Winston Wade Turner Barred from Associating with any FINRA Member

12234_corporate_blurThe securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against former stockbroker Winston Wade Turner.  Mr. Turner had been employed and registered with Pruco Securities, LLC, a broker-dealer, from July 2013 to August 2015, according to his publicly available BrokerCheck, as maintained by the Financial Industry Regulatory Authority (FINRA).

Per his BrokerCheck report, Mr. Turner was previously employed by MetLife Securities Inc. from December 2011 to July 2013.  Mr. Turner was discharged on August 3, 2015 for making an unsuitable variable annuity recommendation, providing inaccurate information to the company regarding the transaction, and for making payments to a client dissatisfied with the performance of their annuity, according to BrokerCheck records.

Mr. Turner was subsequently barred from associating with any FINRA securities firm according to a Default Decision entered in the FINRA Office of Hearing Officers on July 8, 2016, in Disciplinary Proceeding No. 2013038398401.  According to the Decision Mr. Turner violated: (i) FINRA Rules 4511 and 2010 by providing false information and engaging in deceptive acts in connection with recommendations of variable annuities; (ii) Section 10(b) of the Exchange Act, Rule 10b-5 and FINRA Rules 2020 and 2010  by fraudulently misrepresenting and omitting material facts to his customers; and (iii) FINRA Rules 8210 and 2010 by failing to provide testimony and information in FINRA’s proceeding.

Mr. Turner’s case was previously reported by InvestmentNews on March 1, 2016, where it was noted that Mr. Turner allegedly his the nature of the variable annuities transactions from his employing broker-dealer firm and disguised his actions, including by recommending that his clients deposit proceeds from the surrender of one variable annuity directly into a bank account then use that money to buy a new variable annuity, rather than recommending a direct transfer through the broker-dealer.  The InvestmentNews article also explained that these actions were effected to allegedly circumvent supervisory scrutiny, of the variable annuity exchange.  The InvestmentNews article also noted that while Mr. Turner was no longer a registered representative, he maintained an active license to sell insurance products in Florida so could still sell insurance products to customers.

Mr. Turner’s BrokerCheck records indicate that he is currently the subject of five customer disputes, and his two prior employers MetLife Securities, Inc. and Pruco Securities, LLC have been involved in six settlements regarding customer allegations involving variable annuities.