Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck contains 11 critical disclosures concerning securities broker Laurence “Larry” Michael Torres (CRD#: 2821373, Staten Island, New York). Among them are FINRA and SEC sanctions which effectively prevent Torres, who worked for First Standard Financial Company LLC and Alexander Capital LP, from continuing to be a securities broker in the United States. Also, seven or more investors brought lawsuits or complaints about Torres. Here’s more on the broker and what you could do if you sustained losses because of him.
Alexander Capital Client Indicates That Laurence Torres Churned Investments Causing Losses
Evidently, a client of Alexander Capital brought an investment dispute about Laurence Torres in May 2020. The client alleges that Torres made unsuitable securities transactions involving listed equities. Not only that, but Torres supposedly caused the client’s account to be concentrated in a few stocks that produced losses. Also, the client contends that Torres churned the client’s account. For this reason, the client demands $277,071 in this ongoing matter.
Torres Supposedly Sells Unsuitable investments To Alexander Capital, Brookstone Client
Apparently, three clients of Brookstone and Alexander Capital came forward in February 2018 with a dispute about Laurence Torres. These clients suggest that Torres used unreasonable sales tactics to cause them to agree to equities transactions. It seems that Torres caused those clients to sustain investment losses amounting to $692,102. Because of this, those clients seek compensatory relief from the securities firms and possibly Torres.
FINRA Arbitrator Orders Laurence Torres To Pay Client Who Alleged Breach Of Fiduciary Duty
Notably, a client of Laurence Torres prevailed in a FINRA Arbitration Claim in 2016. Notably, the client asserted causes of action including churning and breach of fiduciary duty on the part of the securities broker. It appears that Torres failed to place the client’s interests first and he traded mainly to generate commissions. Supposedly, the broker also used an unsuitable strategy that caused the client to face unnecessary risks and losses. To that end, the Arbitrator ordered Torres to pay the client $50,000. Notably, it seems that FINRA suspended Torres for failing to pay this client as instructed under the FINRA Arbitration Award.
SEC Bars Torres For Churning, Trading Without Authorization In Multiple Investors’ Accounts
It appears that in 2017, SEC barred Laurence Torres in various capacities including as securities broker and financial advisor for alleged unlawful activities. Mainly, SEC asserted that Torres violated securities laws by making unreasonable recommendations and by making trades without authorization. Supposedly, the broker had no reason to believe that it was suitable for certain clients to invest pursuant to his strategy. SEC also alleged that the broker misrepresented and omitted costs associated with his frequent trading and churning of client accounts. In addition to the bar, SEC ordered Torres to pay a $160,000 fine and to disgorge $225,359 in gains that he received unlawfully.
Did Laurence Torres Sell You Inappropriate Investments?
Did you purchase improper investments because of Laurence Torres? If so, get in touch with Soreide Law Group at (888) 760-6552 where you can speak with experienced lawyers about a possible recovery. Keep in mind that Soreide Law Group represents clients on a contingency fee basis and advances all costs. We have recovered millions of dollars for investors who have suffered losses from the misconduct of financial advisors and securities brokers. Note that Torres denies all allegations of any sales practice violations that have been asserted by clients and securities regulators.