Geoffrey Colin Turner, of Tybee Island, Georgia, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for recommending certain L-share variable annuities.
In October 2006, Turner joined BB&T as a General Securities Principal. During the period of December 2014, through June 2015 Turner allegedly recommended certain L-share variable annuities to 15 customers without having a reasonable belief these recommendations were suitable. According to FINRA, Turner recommended his customers purchase higher-cost share class contracts without understanding the costs and benefits. The findings stated that Turner did not understand that the L-share class would be more expensive than the B-share class for customers who held their annuities for at least seven years. The findings also stated that Turner was unable to inform his customers of the various features of the products due to his lack of understanding the L-share class annuities.
Without admitting or denying the findings, Turner was fined $7,500, suspended for 30 days and had to attend and satisfactorily complete eight hours of continuing education concerning the sale of variable annuities and the factors to be considered in determining when such products are suitable. The suspension was in effect from October 15, 2018, through November 13, 2018.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unsuitable recommendations, misrepresentations and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like BB&T, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your BB&T account due to unsuitable recommendations and/or misrepresentations by your broker? Was Geoffrey Colin Turner your stockbroker? 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 BB&T stockbrokers who may have engaged in broker misconduct and caused investors’ 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 40 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 firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.