UPDATE! Tracy Turner of California
Tracy Turner Barred from Securities Industry for Sales of Investments in Saltwater Disposal Well Facilities
Have you lost money with financial advisor Tracy Turner of San Marcos and Carlsbad, California? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Tracy R. Turner. In November 2016, FINRA filed a complaint against Turner, alleging that he sold $4.1 million worth of investments in saltwater disposal well facilities (“SWDs”) while he was registered with Colorado Financial Service Corp., a Centennial, Colorado based brokerage firm.
FINRA alleged that Tracy Turner failed to notify Colorado Financial Service Corp. of his sales of the SWDs. He was alleged to have sold the interests in SWDs between September 2013 and April 2014. FINRA seeks to punish and/or fine him for his conduct.
In April 2017, FINRA barred Turner for this conduct. Turner was also ordered to pay $272,879, which represents a disgorgement of the commissions that he earned for selling the SWDs.
Tracy Turner was a financial advisor and registered representative of Colorado Financial Service Corp. from January 2012 to December 2014. He worked at a branch office in Carlsbad, California. Turner has at least 31 customer complaints on his BrokerCheck report, which also discloses that he was discharged by two other brokerage firms in the past. He also filed for bankruptcy in 2011. Turner operated a company called Turner Financial Group in Carlsbad.
Brokerage firms like Colorado Financial Service Corp. have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in California in the past. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Turner, Tracy BrokerCheck 11.4.16 (1)
Click to view: Turner, Tracy FINRA Complaint (1)
Click to view: Turner, Tracy FINRA Order
If you lost money with Tracy Turner or Colorado Financial Service Corp., please CONTACT US at 206-795-5798 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.