Soreide Law Group is investigating potential investor claims of sales practice violations possibly committed by securities broker John Luis Torres (also known as Juan Luis Torres) [CRD: 6322231, Woodland Hills, California], given the disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Torres worked for J.P. Morgan Securities LLC from May 10, 2014, to August 20, 2018. Continue reading to learn more about the disclosures involving Torres and how they may have impacted investors.
JP Morgan Chase Bank, an affiliate of JP Morgan Securities LLC, faced allegations from an individual concerning John Torres. The individual alleged that during the period from June 2017 through April 2018, misrepresentations were made and there was aiding and abetting in the theft of funds entrusted to a client of the bank. As a result, the individual claimed damages totaling $1,850,000. Civil Action No. 0:19-CV-62843 was settled on May 13, 2022, for $1,200,000 in damages.
FINRA sanctioned John Torres following his failure to respond to a request for information, leading to a bar from association with any FINRA member in all capacities. Case No. 2018059605301. According to FINRA's rules, Torres did not request the termination of his suspension within three months from the notice date, leading to an automatic bar. The bar took effect on April 26, 2019.
Evidently, an investor contested John Torres’s sales practices by filing Civil Action No. 18STCV07873. Namely, the client alleged misrepresentation and aiding and abetting of theft from December 2017 through June 2018. It appears that Torres caused the individual to sustain damages. Because of this, JP Morgan Securities LLC opted to settle the matter on December 18, 2018, by compensating the individual in the amount of $57,100.
Also, an individual contested John Torres’s sales practices by filing a claim with JAMS, a dispute resolution service. Allegedly, Torres made misrepresentations and aided a theft of client funds in June 2017 through April 2018. This matter is apparently ongoing.
Did you suffer losses because of John Torres? If so, get in touch with Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors across the country, works on a contingency fee basis, and advances all costs. Torres and brokerage firms Torres worked for deny any allegations of sales practice violations.
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