Robert Turpin, a registered representative from Arizona, formerly with Source Capital Group was barred from FINRA membership as a result of refusing to cooperate with a FINRA investigation into claims that he engaged in outside business activities with his member firm.
FINRA Rule 9552. Failure to Provide Information or Keep Information Current
This FINRA rule provides if a FINRA member fails to provide information or testimony requested or required by FINRA’s By-Laws or FINRA rules, or fails to keep his or her membership and supporting documents current, FINRA, after providing 21 days’ notice may suspend the FINRA membership of the person.
In May, 2016 Robert Turpin accepted a bar from FINRA as a result of his violations of Rule 9552. The FINRA investigation stems from a complaint filed by the Arizona Corporation Commission into allegations that Turpin sold investments “away” from the firm. “Selling away is a violation of FINRA rules, and puts the “seller” in violation of state licensing laws for selling securities without a valid license. The Arizona action stems from Turpin’s sales of Tara First Mortgage, which raised funds ostensibly to fund a housing development in North Dakota. The promotional materials touted a 20 return on a monthly basis.
The Arizona Commission found that Turpin engaged in dishonest and unethical conduct for his role in not disclosing the transactions to his member firm, and found his conduct justified the revocation of his license to sell securities in Arizona.
Robert Turpin’s registration and disciplinary history
In order to lawfully sell investments to the public, one must either be registered or exempt from registration.
Robert Turpin was registered with Source Capital Group from February, 2010 to September, 2015.
According to FINRA’s CRD disclosure report, Robert Turpin has been the subject of two regulatory investigations.
FINRA is the primary regulator for broker dealers and registered representatives in the United States. FINRA’s role is to promulgate standards and practices for the brokerage industry and to ensure compliance with its rules by licensed entities and individuals.
FINRA conducts routine and surprise audits of brokerage firms to test compliance and suggest changes to broker dealer practices. It also can bring disciplinary actions for non-compliance with the securities laws, and it has the power to assess fines and suspend or revoke licensing.
FINRA has two primary means to ensure compliance with the securities laws ; by means of an enforcement unit that investigates and disciplines wrongdoing, and through the establishment of an arbitration forum where investors can resolve disputes against broker dealers. FINRA’s arbitration forum, FINRA Dispute Resolution Inc. is the largest arbitration forum in the country for resolving investor disputes, and typically processes over 10,000 filings annually.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.