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MetLife and Pruco Securities Broker Barred by FINRA for Misrepresentations in Connection with Variable Annuities

Winston Turner, a former broker at Pruco Securities LLC, and MetLife Securities, Inc., was permanently barred from acting as a broker or associating with firms that sell securities to the public by the Financial Industry Regulatory Authority (FINRA) due to findings that he made fraudulent misrepresentations and omissions in connection with variable annuity investments.    FINRA found that Winston Turner, of Tampa, Florida, induced three customers to purchase securities by intentionally making misstatements regarding the earnings to be generated by their variable annuities.

According to FINRA, Mr. Turner falsely told three customers that their variable annuity investments would earn a “guaranteed” minimum annual interest and misrepresented to a customer the tax implications of her variable annuity purchase.  FINRA also found that Mr. Turner attempted to circumvent his member firm’s supervisory system by misrepresenting the source of funds in connections with variable annuity applications.  Further, Mr. Turner misrepresented to his firm his personal email address as the email address of his customers in order to ensure that the customers were not contacted.

As of October 21, 2016, Mr. Turner’s BrokerCheck Report indicates that there were 17 customer disputes, 11 which were settled and 1 which is still pending against Mr. Turner for alleged misconduct in connection with allegations of misrepresentations and unsuitable recommendations with the offer or sale and exchange of variable annuities while he was employed at Pruco Securities and MetLife Securities.

Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of fraudulent and unlawful behavior, such as misrepresentations and omissions with regard to investments, which violate industry rules and procedures.  In order to protect investors from such misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system.  The implementation of the rules requires supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures.  If broker-dealers and their supervisors do not establish and implement these protective measures, they may be liable to account holders for losses flowing from the misconduct.  Therefore, investors who have suffered losses stemming from misrepresentations and omissions can bring forth claims to recover damages against broker-dealers, like Pruco Securities and MetLife Securities, which should consistently oversee their brokers’ activities in order to prevent the above-described prohibited conduct.

Have you suffered losses in your Pruco Securities or MetLife Securities account due to misrepresentations made by your broker?  Do you have a variable annuity investment that was misrepresented?  If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.  Mr. Pearce is accepting clients with valid claims against Pruco Securities and/or MetLife Securities stockbrokers who may have engaged in misconduct and caused investment losses.

 

The most important of investors’ rights is the right to be informed!  This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida.  For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues.  The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally!  Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.