Ricardo Turlan (CRD# 443186) has been discharged from UBS Financial Services Inc. over allegations that he exercised discretion in client accounts without obtaining written authorization, as well as claims that trades he made in other accounts could be considered unsuitable.
Allegations against Turlan, who had been registered with UBS out of San Antonio, Texas from October 2015 through August 2019 –stem from a 12-month period between January 2018 and March 2019.
UBS Claims Advisor Made Unauthorized Trades, Made Unsuitable Recommendations
A regulatory termination disclosure filed by UBS and made available through FINRA’s online BrokerCheck database indicates Turlan was discharged from UBS Financial Services in July 2019 after an internal investigation determined he:
- Exercised discretion in two customer accounts without obtaining written authorization from the clients; and
- Executed trades in other accounts which reached levels that could potentially constitute unsuitable trading (ROAs between 3.0 and 9.0 over a 12-month period).
Turlan, who is no longer registered at a broker-dealer, has one settled customer dispute from March 2019. The customer complaint alleges that between January 2, 2018 and March 8, 2019, Turlan allegedly:
- Exercised discretion in the account without first obtaining a formal authorization from his client;
- Did not inform the customer about which securities would be traded until after the fact; and
- Charged commissions after previously telling the customer no commissions would be charged.
The dispute was settled for $110K.
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