On July 9, 2019, UBS Financial Services Inc. terminated Ricardo Turlan (CRD#: 4431836). UBS found that he “exercised discretion in two client accounts without written authorization” and that his “trading in other accounts reached levels that could be considered qualitatively unsuitable (ROAs between 3.0 and 9.0 for a twelve month period).” Ricardo Turlan is not currently affiliated with any broker-dealer, according to his BrokerCheck report accessed on August 22, 2019.
On March 8, 2019, a client filed a complaint, alleging that “her Financial Advisor exercised discretion on the account even though she had not formally authorize[d] it.” She also alleged that she did not know which securities would be traded in her portfolio until after they were authorized. She also alleges that she was charged commissions, even though her FA said he would not charge such commissions. UBS settled the dispute for $110,000.
What is unauthorized trading? Unauthorized trading, also known as unauthorized transactions, occurs when a broker trades within a client’s non-discretionary account without informing them. Did your broker call you before every trade they made in your portfolio? Did you recognize every trade listed on the monthly statements your brokerage firm sent out? If not, your broker may have engaged in unauthorized trading, which is a violation of FINRA Rule 2010.
A 14-year veteran of the securities industry whose experience spans five firms, Ricardo Turlan has also worked for the following brokerage firms:
- UBS Financial Services (CRD#: 8174) of San Antonio, Texas
- BBVA Securities Inc. (CRD#: 27060) of San Antonio, Texas
- BBVA Compass Investment Solutions, Inc. (CRD#: 17086) of San Antonio, Texas
- BBVA Investments Inc. (CRD#: 31769) of San Antonio, Texas
- Citicorp Investment Services (CRD#: 23988) of Long Island City, New York
If Ricardo Turlan was your broker or if you have questions about unauthorized transactions, please don’t hesitate to contact the securities attorneys of Fitapelli Kurta at (877) 238-4175 or email@example.com.