Tracy Rae Turner, of Carlsbad, California, a stockbroker formerly associated with Colorado Financial Service Corporation, has been fined $272,879.04 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon a FINRA Office of Hearing Officers Default Decision containing findings that Turner effected unauthorized private securities transactions and made investment related misrepresentations to customers. Department of Enforcement v. Tracy Rae Turner, No. 2014040338401 (Apr. 4, 2017).

According to the Decision, approximately $4,100,000.00 in customers’ investments had been facilitated by Turner away from his firm. The Decision stated that approximately $270,000.00 in commissions had been earned by Turner by soliciting and ultimately effecting the securities transactions. Evidently; however, Turner failed to notify his firm of his involvement in this regard, and failed to retrieve the firm’s approval for him to facilitate the transactions. Consequently, FINRA found Turner’s private securities transactions to be violative of NASD Rule 3040.

Further, Turner reportedly distributed to customers an offering memorandum concerning a security interest, wherein the memorandum prevented investors from having adequate basis evaluate the investment opportunity. The Decision stated that Turner communicated unwarranted, misleading and false statements to prospective customers which the firm never endorsed; conduct which FINRA Office of Hearing Officers found to be violative of FINRA Rules 2010 and 2210.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

This posting and the information on our website is for general information purposes only. This content , should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer

Guiliano Law Firm

Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

For more information concerning common claims against stockbrokers and investment professionals, please visit us at stockbrokerfraud.com

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com

Tags: ,

Comments are closed.

%d bloggers like this: