Former Waco, Texas-based UBS broker Robert Earl Turner Jr. is accused of stealing more than $17 million from his wife, Stefanie, and college friend Mark Woodward.
UBS Financial Services (NYSE:UBS)
—Marc D. Fitapelli, Esq.
NEW YORK, NEW YORK, USA, June 9, 2022 /EINPresswire.com/ — In the past few months UBS Financial quietly contacted former clients of Robert Earl Turner, Jr. to force a speedy settlement of claims related to “fictitious” annuity investments in Fairfax Financial Corporation. On May 12, 2022, Robert Earl Turner, Jr. filed for bankruptcy, thwarting UBS’s efforts. The case was filed in the United States Bankruptcy Court for the Western District of Texas (6:22bk60200). MDF Law wishes to assess the cases against UBS Financial on behalf of investors in Fairfax Financial Corporation. If you or someone you know was an investor, please call 800-767-8040 and ask to speak to attorneys Marc Fitapelli or Jeffrey Saxon.
Mr. Turner is a former UBS Financial broker from Waco, Texas. He is accused of embezzling more than $17 million from more than two dozen UBS clients from 1997 to 2021. He and his wife, Stephanie Turner, allegedly solicited clients to invest in bogus annuity products issued by a company called “Fairfax Financial Corporation”. The investments would have been presented as annuities yielding between 4 and 8% interest, compounded quarterly. According to UBS, Turner and his friend Mark Woodward provided investors with fraudulent account statements for more than a decade. On May 25, 2022, UBS filed a movement with the bankruptcy court. In that petition, he described Fairfax Financial Corporation as “a fraudulent scheme perpetrated by [Turner] and his college friend, Mark Woodward…” According to UBS’s May 25, 2022 petition, the firm has already paid a total of eight clients over $7.8 million. UBS’s petition is still pending and seeks to dismiss Turner’s bankruptcy. The next hearing in Turner’s bankruptcy case is currently scheduled for June 22, 2022.
UBS is rightly concerned about its own liability to Fairfax Financial Corporation and Mr. Turner. UBS Financial is legally responsible for all sales made by its brokers, whether or not it has authorized the transactions. Former clients of Mr. Turner may be able to file individual arbitration cases with the Financial Industry Regulatory Authority, or FINRA, against UBS Financial for their losses. In these lawsuits, investors can seek repayment of their principal, plus interest, attorney’s fees, and punitive damages. Investors should not settle their case with UBS without first speaking to a lawyer and understanding their rights.
MDF Law exclusively represents investors in FINRA Arbitration business against brokers, such as UBS Financial. Our attorneys work on a contingency basis, which means the law firm does not collect fees unless we are successful on behalf of our client. We invite all clients of Robert Turner, Jr. to contact us for a free and confidential assessment of their claims against UBS Financial. Please call attorneys Marc Fitapelli or Jeffrey Saxon at 800-767-8040 to learn more.
MDF Law SARL
28 Liberty Street, 30th Floor
New York, New York 10005
Receptionist: (212) 203-9300
THIS IS NOT A LEGAL ADVICE.
PRIOR RESULTS DO NOT GUARANTEE LIKE RESULT.
write to us here
Sue UBS Financial for investment losses