Carlsbad Broker Tracy Turner Barred by FINRA

Tracy Turner, a registered representative from San Marcos, California, formerly with Colorado Financial Service Corporation, was barred from FINRA membership as a result of an investigation into his participation in a private securities investment transaction without obtaining his firm’s prior approval, which is a violation of FINRA rules. Turner entered into an acceptance waiver and consent agreement with FINRA in which he neither admitted nor denied the findings, but was barred from FINRA and fined over $270,000

In June 2017, Tracy Turner agreed to the suspension, and FINRA published its findings that Turner sold over $4 million in investments in saltwater disposal wells. He was paid for every customer that he brought to invest in the private deal. Durign its investigation, FINRA found that eight customers that invested were also clients of the firm.

The AWC alleges that Turner lied to his firm, and also misled the customers to whom he pitched and sold the investments. The complaint alleged thatTurner advertised the investment opportunities online with false information which did not contain sufficient details about the risks involved in the offerings. It also stated that he provided incorrect projections to his investors about what their financial return from the investments could be.

Tracy Turner’s registration and disciplinary history

In order to lawfully sell investments to the public, one must either be registered or exempt from registration.

Tracy Turner was registered with Colorado Financial Service Corporation from January 2012 to December 2014 and Lighthouse Capital Corporation from February 2010 to December 2011.

According to FINRA’s CRD disclosure report, Turner has been the subject of 31 customer complaints, two employment terminations after allegations, one case of bankruptcy, and one regulatory investigation.

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 has two primary ways 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 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 24 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via unlawful 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.

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.



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