Soreide Law Group, based in South Florida, has filed a FINRA arbitration on behalf of our client (Claimant) against:
EQUITABLE ADVISORS, LLC. (Respondent).
The Claimant resides in Florida and was formerly with Broker, VICTOR M TORRES, previously registered with EQUITABLE ADVISORS, LLC. VICTOR M TORRES’ employment with the Respondent ended on March 30, 2026, allegedly soon after the Claimant complained to the Respondent regarding VICTOR M TORRES’ sales practices. Torres is not named in this lawsuit.
According to FINRA’s BrokerCheck, in VICTOR M TORRES’ 9 years in the securities industry, he has 9 reportable disclosures. According to the lawsuit, Torres allegedly specialized in selling variable insurance related securities to the Respondent’s clients. The lawsuit alleges that VICTOR M TORRES worked with a local CPA. The lawsuit alleges that together they presented tax strategies to Claimant, and others, with Torres recommending variable universal life insurance investments. The lawsuit claims that the Claimant was looking for a ten-year growth investment for retirement and already had adequate insurance. According to the lawsuit, Torres allegedly ignored the Claimant’s needs and instead moved forward with his own plan. According to the lawsuit, the investment and tax strategies failed to provide the benefits that VICTOR M TORRES allegedly had promised.
The lawsuit alleges that the Respondent’s actions in this case constitute a breach of fiduciary duty, negligence, and negligent supervision. The alleged actions have caused the Claimant out of pocket damages of approximately $77,000.00.
VICTOR M TORRES was registered with EQUITABLE ADVISORS of Ft. Lauderdale, Florida, from 10/23/2018 - 03/30/2026.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, VICTOR M TORRES, has been in the securities industry for 9 years and has been with 4 firms. Torres has 9 disclosures on his FINRA CRD report. Eight of the disclosures are “Customer Disputes,” with 1 settled and 7 pending. The significance of Torres’ disclosures is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words, VICTOR M TORRES’ customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.
There is also an “Employment Separation after Allegations” dated 9/20/2013, which Torres “voluntarily resigned” from NMIS, LLC, following the allegations of, “REPRESENTATIVE RESIGNED WHILE UNDER INTERNAL REVIEW FOR ALLEGEDLY FAILING TO DISCLOSE MATERIAL UNDERWRITING INFORMATION ON HIS CLIENTS' APPLICATIONS FOR NON-VARIABLE INSURANCE.”
To discuss this article or any other securities issues, contact Pompano Beach, Florida-based Soreide Law Group and speak to an experienced securities lawyer at no cost: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis.
