Former Merrill Lynch Advisor Glen Turner Has History of Complaints
Glen Turner (CRD# 2503850) recently departed Merrill Lynch for Kestra Investment Services’ branch office in Boca Raton, Florida. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, last accessed on December 2, 2021, Mr. Turner has been involved in several customer complaints.
Customer Complaints: Turner Made Unsuitable Recommendations, Used Margin
FINRA records describe two customer complaints involving Glen Turner that concluded with settlements paid to the customer. One, filed in 2009, alleged he misrepresented the liquidity of an auction rate securities investment; the complaint settled with the firm’s repurchase of the securities at par value, or $275,000. A second complaint filed in 2003 detailed allegations he recommended unsuitable investments and used margin. It settled for $30,000.
FINRA records also list one denied complaint against Glen Turner. Filed in 2002, it alleged that he recommended unsuitable investments and failed to diversify the customer’s account, seeking $373,000 in damages. The complaint was denied by the firm, which does not necessarily mean it was without merit: simply that the firm reviewed it and decided as much. Investors whose complaints are denied by the firm can still seek recourse by filing FINRA arbitration claims.
Understanding the Risks of Margin Use
One of the complaints against Glen Turner alleged he used margin, a term that refers to the purchase of securities with funds borrowed from one’s broker-dealer firm. Margin purchases use the securities in question as collateral for the loan. While margin use can significantly increase an investor’s purchasing power, it also comes with the risk of increased losses. An investor who trades on margin can suffer losses that exceed the funds they deposited in their account. Their firm may also force the sale of securities in their margin account, even without consulting with the investor first. The heightened risks associated with margin trading means that the strategy may not be suitable for some investors, especially those with conservative risk tolerances. More information on margin trading and its risks is available via FINRA.
Glen Turner Currently Registered with Kestra
According to the Financial Industry Regulatory Authority, Glen Turner’s 27 years of experience in the securities industry began in 1994, when he joined Citigroup Global Markets in Boca Raton, Florida. He left Citigroup in 2007 for Merrill Lynch, where he remained until he joined Kestra Investment Services in October 2021. He is registered with Kestra as both a broker and an investment adviser. Mr. Turner has 32 state securities licenses and passed five securities industry exams.
For more information on Glen Turner’s registration history, including the customer complaints involving him, visit his FINRA BrokerCheck report. (The above-referenced information was accessed on December 2, 2021.)