Tracy Turner – Financial Advisor/Broker Tracy Turner Barred from Securities Industry

Tracy Turner – Financial Advisor/Broker Tracy Turner Barred from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses

Tracy Turner CRD #1385745

Tracy Turner was previously licensed with Colorado Financial Services Corporation in Carlsbad, California. FINRA reports that Tracy Turner was barred from the securities industry and fined $272,879.04 in May 2017.

According to FINRA, the sanctions were based on findings that Tracy Turner failed to give prior written notice to, and receive prior written permission from, his member firm before participating in private securities transactions. The findings stated that Tracy Turner offered and sold interests in saltwater disposal wells that are used in oil and gas production, more than $4.1 million, to investors. Eight of the investors were customers of his firm. Tracy Turner did not give his firm prior written notice that he was soliciting investors in the private securities transactions. Tracy Turner was compensated from the proceeds of each sale through an entity that he wholly owned and which was paid a commission, from each customer’s purchase amount. The findings also stated that to market the sale of interests in the private securities, Tracy Turner created and made publicly available online an offering memorandum concerning the offer of one of the interests that failed to provide a sound basis for evaluating the investment, and made promissory and unwarranted statements and claims. Here, Tracy Turner included false and misleading statements in the offering memorandum he posted online and made available to the public. In addition, Tracy Turner wrote an accompanying message to the offering memorandum, and like the offering memorandum, the accompanying message was not fair and balanced and did not provide a sound basis for evaluating an investment in the private securities interests. Tracy Turner’s statements were therefore misleading. Tracy Turner also made unwarranted predictions about the returns investors could expect from investing their money in the private securities interests. Tracy Turner lacked a foundation for his financial return predictions. Neither the offering memorandum nor Tracy Turner’s message was reviewed and approved by his firm before Turner posted them online. The findings also included that the offering memorandum and Turner’s online message were not approved by his firm’s principal before he used them or before they were filed with FINRA. The decision became final May 2, 2017.

If you lost money on investments with Tracy Turner and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Tracy Turner’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Tracy Turner and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.  

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