Comerica Investors Allege Sales Practice Violations By Securities Broker Ed Torriente

Soreide Law Group is investigating potential investor claims against securities broker William Edward Torriente Jr. (known as Ed Torriente and Eddy Torriente) (CRD#: 4255814, Phoenix, Arizona). It appears that Torriente worked for Comerica Securities Inc. from 2009 to 2020. Notably, three clients of Comerica Securities came forward to contest Torriente’s sales practices. Here’s more.

Ed Torriente’s Comerica Securities Client Alleges Breach Of Fiduciary Duty

First of all, a client of Comerica Securities disputed Ed Torriente’s sales practices relating to options and exchange traded funds. Specifically, in the March 2021 dispute, the client contended that Torriente violated Arizona Securities Act. Secondly, the securities broker is accused of making unauthorized trades in the client’s account. Thirdly, he supposedly breached a fiduciary duty and violated FINRA rules concerning an option transaction that the client says resulted in a short position. For this reason, the client asked for $500,000 in compensation in this ongoing matter.

Torriente Allegedly Made Unauthorized Trades In Comerica Client’s Account

In the second most recent dispute on Ed Torriente’s BrokerCheck record – a FINRA Arbitration Claim dated March 2021 –Torriente is accused of causing damages to a client regarding exchange traded funds, options, and stock. Specifically, the client argued that the broker exercised discretion improperly and did not follow instructions. Not only that, but the securities firm purportedly violated a fiduciary responsibility. Finally, the client argued that Torriente or Comerica violated FINRA rules. For these reasons, the client demanded payment of $50,000,000 in this ongoing matter.

Comerica Client Alleges That Ed Torriente Made Unauthorized ETN Transactions In A Trust Account

Moreover, a client of Comerica Securities took aim at Ed Torriente’s sales practices by bringing a September 2020 dispute. Mainly, the client contends that they did not authorize Torriente’s transactions. Supposedly, the broker solicited those transactions for the client’s account in June 2020. Allegedly, the client lost $306,242 on exchange traded notes because of the broker. However, Comerica Securities denied this dispute.

Torriente’s Voluntary Resignation From Comerica Securities Results From Allegations Of Unauthorized Trading

Notably, Comerica Securities reports that Ed Torriente voluntarily resigned on September 21, 2020. The firm alleged that Torriente made trades in client accounts when clients did not know about them.

Losses Through Ed Torriente?

Did you suffer losses because of Ed Torriente? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for hundreds of United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Torriente denies all allegations of his sales practice violations.

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FIP, LLC, victims call 888-760-6552 to start the recovery process now. 

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