Carmel, Milazzo & DiChiara LLP (CMD) is investigating potential claims against Winston Wade Turner, a former registered representative with Pruco Securities Inc. and MetLife Securities Inc., of misconduct related to the exchanges and sales of variable annuities.
FINRA has alleged that Turner persuaded clients to exchange certain investments, including variable annuities, which compelled them to surrender existing contracts to pay for the purchase of new variable annuities. In certain situations, this led to surrender charges for the client and additional commissions for Turner.
FINRA contends that Turner concealed the transactions’ unsuitable nature from brokerage firms and his clients. He allegedly did this by falsifying documents and misrepresenting how certain income features on the annuity contracts functioned. FINRA claims that Turner hid the nature of the VA transactions from his firm by managing to get around the additional documentation and supervisory examination mandated for the exchanges. He also sometimes would recommend to clients that they put proceeds from the contract surrenders into their bank accounts first—as opposed to a direct annuity to annuity transfer—and then use those funds to purchase new variable annuities.
Turner is being accused of falsifying VA applications, documents related to VA exchanges, and customer information forms. He allegedly forged customer signatures and used his own e-mail address, misrepresenting it as the address of customers so that he would receive their account notifications instead.
If you or someone you know has a complaint or been defrauded by Winston Wade Turner, you may be able to recover your losses through securities arbitration. The attorneys at CMD are experienced in representing investors in fraud actions against brokers and brokerage firms. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid. Your time to file a claim may be limited, so contact us today at (212) 658-0458 for a free and confidential case evaluation.