Virginia-based Wells Fargo Advisors broker Melanie Turner is the subject of a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Turner (CRD# 5230714).
Melanie Turner has spent nine years in the securities industry and has been registered with Wells Fargo Advisors in Bassett, Virginia since 2007. She has no previous registrations. She is a registered broker with five US states and territories: the District of Columbia, Maryland, Pennsylvania, South Carolina, and Virginia.
According to her BrokerCheck report, Melanie Turner is the subject of one pending customer complaint.
In 2014 a customer alleged Melanie Turner, while employed at Wells Fargo Advisors, churned his customer’s account and recommended unsuitable investments. The claimant is seeking damages exceeding $290,900 in the pending complaint.
“Churning” occurs when a broker executes an excessive number of investment transactions, such as buying or selling a stock, for the primary purpose of generating commissions. Account churning generally arises in situations where a broker has the control over making investment transactions on a client’s account: for instance, discretionary or managed funds, or some margin funds. The Securities and Exchange Commission (SEC) prohibits the unethical act of account churning, and it is illegal under state and federal securities laws.
If you or someone you know has lost money investing with Melanie Turner, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.
This information provided by FINRA on March 30, 2016.