Florida-based Soreide Law Group obtained the following summary of information from FINRA’s website under ‘Disciplinary and Other FINRA Actions July, 2015.’ If you sustained investment losses due to your broker/financial advisor, call for a free consultation on how to potentially recover your losses:888-760-6552.
Alejandro Ariel Torres (CRD #5631211, Hollywood, Florida)
was barred by FINRA and ordered to pay $59,600, plus interest, in a deferred restitution to a client for allegedly converting at least $59,600 from his client, a 64-year-old widow who he had approached for partnering with in a start-up venture.
FINRA’s findings stated the client gave Torres a check for $75,000, as a capital investment in the start-up venture, after agreeing to enter into the partnership with a 50/50 venture. However, Torres used at least $59,600 to pay personal expenses rather than for business purposes related to the venture. Torres also arranged for the start-up venture’s bank account statements to be sent directly to him, rather than the client, in order to conceal his misconduct.
Also, FINRA’s findings stated that Torres failed to notify his firm of his outside business activities related to the start-up. Torres falsely stated that he was the sole owner of the venture and that he had not recommended or negotiated the sale of any membership or partnership interest in the venture.
Torres failed to respond to FINRA requests for documents, information and testimony.
(FINRA Case #2014041282601)
Alejandro Ariel Torres was previously registered with the following firms:
01/2014 – 07/2014 GLOBAL STRATEGIC INVESTMENTS, LLC (CRD# 117028) – MIAMI, FL
01/2013 – 01/2014 WELLS FARGO ADVISORS, LLC (CRD# 19616) – HOLLYWOOD, FL
02/2010 – 01/2013 BB&T INVESTMENT SERVICES, INC. (CRD# 33856) – AVENTURA, FL
11/2009 – 02/2010 STATETRUST INVESTMENTS INC. (CRD# 104651) – MIAMI, FL
03/2009 – 11/2009 EDWARD JONES (CRD# 250) – DAVIE, FL
If you’ve experienced investment losses because of your broker or financial advisor’s recommendations, call the Soreide Law Group for a no-cost consultation with an attorney on possible recovery of those losses: 888-760-6552.