According to FINRA, Matthew Ian Turner has been suspended from association with any FINRA member for five months and ordered to pay $27,415.75 plus interest in restitution for willfully violating Regulation Best Interest.

Turner recommended trading in customer accounts, including those of seniors, that was excessive, unsuitable, and not in their best interest. The customers relied on Turner's advice and routinely followed his recommendations, giving Turner de facto control over their accounts.

The excessive trading generated $34,269.69 in commissions while resulting in realized losses of $160,822 for the customers. When brokers churn accounts to generate commissions, they profit at their customers' expense.

Turner also exercised discretionary authority to place 148 trades in four customer accounts without obtaining written authorization from the customers and without his firm having accepted the accounts as discretionary. Discretionary trading requires explicit written customer consent and firm approval.

Excessive trading, also known as churning, is particularly harmful to seniors who may rely on their investments for retirement income. Investors should monitor their accounts for excessive trading activity and question any patterns that generate significant commissions while producing losses. No monetary fine was imposed due to Turner's financial status.