Roger Turcotte Suspended by FINRA

Roger Turcotte (CRD# 1180997[1]), a broker registered with Cetera, mismarked order tickets, according to a disciplinary action against him. MDF Law is investigating the Tampa, Florida-based financial professional for similar conduct. If you have concerns about investments in your accounts, contact us for a free consultation.

To learn more about the allegations against Mr. Turcotte, continue reading this post. The information below is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority record reviewed on November 5, 2024. 

FINRA: Broker Mismarked Orders

On September 3, 2024, FINRA published a Letter of Acceptance, Waiver, and Consent (# 2021069332001[2]) detailing its disciplinary action against Mr. Turcotte. As it explains, he recommended 7,060 transactions to customers between June 19, 2019 and June 9, 2021. Although he should have marked the transactions as “solicited,” according to FINRA, he marked them instead as “unsolicited.” He therefore caused his member firm to create and preserve inaccurate books and records, violating industry rules. 

FINRA alleged further that four of the mismarked transactions were for “low-priced OTC securities,” which firm rules prohibited him from selling. Mr. Turcotte “received $3,696.97 in commissions for these four transactions,” FINRA found, “which, had he marked them accurately, would have been cancelled.”

Understanding FINRA Rule 4511

FINRA found that Mr. Turcotte’s alleged conduct violated two rules. The first is FINRA Rule 4511. Under this regulation, FINRA member firms must make and preserve books and records that conform with industry rules. Specifically, they must conform with a rule under the Exchange Act that requires such records to show the terms and conditions of every brokerage order, including whether it was solicited or unsolicited. “Inherent in the obligation to make and preserve books and records is the requirement that they be accurate,” per FINRA. A broker violates Rule 4511 when they cause their firm to fail to comply with these requirements.

The second rule Mr. Turcotte allegedly broke is FINRA Rule 2010. This rule establishes a requirement that brokers “observe high standards of commercial honor and just and equitable principles of trade” as they conduct their business. A violation of Rule 4511 is considered a violation of Rule 2010.

Finding that Mr. Turcotte violated these rules, FINRA ordered him to pay a fine of $10,000. It also suspended him from associating with any FINRA member in all capacities for two months. Finally, it ordered him to pay disgorgement of $3,686.97 plus interest. Mr. Turcotte neither admitted to nor denied FINRA’s findings.

FINRA: Broker Based in Tampa, Florida

Mr. Turcotte launched his career as a broker in 1983, when he registered with Foresters Financial Services in Tampa, Florida. He remained at the firm until 2019, when he departed for Cetera Investment Services. To this day he is still registered with Cetera, based at its Tampa branch office. With 41 years of experience as a broker, he has completed six industry exams, including the Series 66 and the Series 26. 

Roger Turcotte Complaints? MDF Law Has Your Back

Did you lose money you couldn’t afford to lose on complex and/or risky investments recommended by Roger Turcotte? Were your accounts concentrated in unsuitable investments, or in products whose risks were not fully disclosed? You may have grounds to file an arbitration claim to recover losses. With a proven track record of success, MDF Law accepts cases on a contingency basis and offers free consultations. Call 800-767-8040 to speak with one of our investment fraud attorneys[4] today.