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. Continue reading →