Articles Tagged with Matthew Turner

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Matthew Turner (Turner), currently associated with Westpark Capital, Inc., has at least one disclosable event. These events include one tax lien, alleging that Turner recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 15, 2025.

Without admitting or denying the findings, Turner consented to the sanctions and to the entry of findings that he willfully violated Exchange Act Rule 15l-1(a)(1) (Regulation BI) when he recommended trading in customer accounts, including those of seniors, that was excessive, unsuitable and not in their best interest. The findings stated that the customers relied on Turner’s advice and routinely followed his recommendations, and as a result, Turner exercised de facto control over the customers accounts. The trading generated $34,269.69 in commissions and resulted in realized losses of $160,822. The findings also stated that Turner exercised discretionary authority to place 148 trades in four customer accounts, including the three customer accounts he excessively traded, without obtaining written authorization from the customers and without his firm having accepted the accounts as discretionary.

shutterstock_106111121The securities lawyers of Gana Weinstein LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against broker Matthew Turner (Turner).  According to BrokerCheck records Turner has been subject to at least five customer complaints and one pending bankruptcy.  The customer complaints against Turner allege securities law violations that including unsuitable investments, unauthorized trading, unsuitable use of margin, and churning among other claims.

In July 2014 a customer filed a complaint alleging $40,000 in damage stemming from unsuitable investment recommendations from 2010 through 2012.  The complaint settled.  In November 2012, another customer filed a complaint alleging unsuitable investments causing $450,000.  The claim settled.  In addition, in April 2015, Turner filed for bankruptcy.  Such disclosures on a broker’s record can reveal a financial incentive for the broker to recommend high commission products or services.  A broker’s inability to handle their personal finances has also been found to be relevant in helping investors determine if they should allow the broker to handle their finances.

Brokers have a responsibility treat investors fairly which includes obligations such as making only suitable investments for the client.  In order to make a suitable recommendation the broker must meet certain requirements.  First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors.  Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.

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