Sonn Law Group is investigating claims related to Winston Turner (CRD # 5965386). Turner was associated with Pruco Securities, LLC (Sarasota, FL) from July 2013 until August 2015. Turner previously was associated with MetLife Securities, Inc. (Atlanta, GA) from December 2011 until July 2013. Pruco Securities discharged Turner in August 2015, and according to the Form U-5 filed to terminate Turner’s registration with the firm “REGISTERED REPRESENTATIVE MADE AN UNSUITABLE VARIABLE ANNUITY RECOMMENDATION, PROVIDED INACCURATE INFORMATION TO THE COMPANY CONCERNING THE TRANSACTION, AND MADE PAYMENTS TO A CLIENT WHO WAS DISSATISFIED WITH THE PERFORMANCE OF HER ANNUITY CONTRACT,” according to Turner’s CRD. Turner also has been named a respondent in a FINRA complaint alleging that he falsified information relating to variable annuity transactions. See FINRA Disciplinary Proceeding No. 2013038398401.
In addition, Turner recently has been the subject of several customer complaints, according to his CRD:
- January 2016: “The customer alleged that the registered representative promised a 10% bonus and a 5% year over year growth on the amount deposited into his annuity.” The alleged damages are $75,000.
- December 2015: “Client alleges that, in August 2014, registered representative promised a 5% return on his investment, did not disclose that his money would be invested aggressively in a variable annuity, did not disclose surrender charges, and provided inaccurate information to the firm about his personal risk tolerance, investment objectives, personal financial information, and prior investment experience.” The complaint remains pending.
- October 2015: “CLIENT ALLGES (sic) REPRESENTATIVE CALLED HER 9/30/2015 AND SAID SHE WAS BROKE AND THAT HE CAN’T GIVE HER ANYMORE MONEY. SHE WANTS TO KNOW WHERE HER MONEY IS”. “REPRESENTATIVE HAD HER MAKE WITHDRAWALS AND THEN WHEN THE MONEY WAS IN HER ACCOUNT HE HAD HER WRITE HIM A CHECK”. CUSTOMER ALSO ALLEGES THAT REPRESENTATIVE WAS MAKING COUNTER DEPOSITS IN HER CHECKING ACCOUNT AND SHE ALSO GAVE THE REPRESENTATIVE TWO CHECKS ONE FOR $20,000.00 AND THE OTHER FOR $29,040.00.” The complaint requests damages of $49,040.00.
In addition, Turner’s CRD shows five older complaints dating from 2013-2014.
A broker must have reasonable grounds for each recommendation made to investors considering such factors as the customer’s other securities holdings, financial situation, and risk tolerance. In addition, before a firm offers a security to its customers, the firm must conduct due diligence, that is investigate the facts surrounding the security, to confirm that it is suitable for any customer of the firm. The suitability of an investment for a particular individual is at the center of the investment process and one of the key fiduciary duties owed by a firm and its broker to the customer. A firm may be held liable for its failure to recommend suitable investments to its customers.
In addition, pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Pruco Securities, LLC, or MetLife Securities, Inc., may be liable for investment or other losses suffered by Turner’s customers.
If you were a client of Pruco Securities, MetLife Securities, or Winston Turner and have experienced investment losses, financial irregularities, or misrepresentations regarding an annuity, please call us at 844-689-5754 or complete our “contact form.” Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies.