Investors apparently complained about securities broker Santiago J. Torres Jr. [CRD: 5644622, Willow Street, Pennsylvania], according to disclosures on FINRA BrokerCheck. It appears that Torres worked for Truist Investment Services Inc. from February 17, 2021, to October 18, 2024, and BB&T Securities LLC from January 2, 2018, to February 17, 2021. Keep reading to learn more about the securities broker’s disclosures.
Evidently, on January 31, 2025, the Financial Industry Regulatory Authority (FINRA) initiated Case: 2024083132901 against Santiago Torres Notably, FINRA alleged that Torres failed to comply with multiple requests for documents, information, and on-the-record testimony during an investigation into allegations that he had misappropriated client funds and falsified client documents.
On October 18, 2024, Truist filed a Form U5, indicating that Torres had been discharged due to concerns involving alleged misappropriation of client funds and falsification of client records and statements.
In August 2024, FINRA opened an investigation after receiving a Form U4 amendment from Truist that disclosed a complaint from an investor, who was a family member, accusing Torres of misappropriating funds. FINRA’s inquiry centered on whether Torres had diverted funds for personal use and provided forged documents to clients.
On September 24, 2024, FINRA sent a formal request to Torres seeking various materials, Although mailings reached his listed address and emails were not returned as undeliverable, Torres did not reply or request an extension. Consequently, FINRA issued a second request on October 10, 2024, repeating the same demands. Again, Torres did not respond by the October 24, 2024, deadline.
FINRA alleges that this lack of cooperation violated FINRA Rule 8210, which requires associated persons to provide information when requested. Because Rule 8210 violations also breach FINRA Rule 2010, which mandates adherence to ethical standards, Torres is accused of violating both.
Separately, FINRA scheduled testimony for Torres on October 10, 2024, and communicated this through the same channels. Torres failed to appear and did not request a postponement. FINRA issued a second testimony request for October 25, 2024, which was allegedly ignored. FINRA contends that this lack of participation also violated Rules 8210 and 2010, further obstructing its investigation.
Additionally, a client filed a complaint about Santiago Torres. The client alleged that Torres misappropriated funds that were given to him to invest starting in 2018. Because of this, the client allegedly sustained damages. Therefore, on March 6, 2025, Truist Investment Services Inc. settled this matter by paying the client $45,000 in damages.
Also, a client of Truist Investment Services Inc. contested Santiago Torres’s sales practices, according to a complaint. Allegedly, Torres misappropriated funds from October 2018 to September 2024. Supposedly Torres caused the client to sustain damages on CDs. Consequently, Truist Investment Services Inc. opted to settle the matter on January 21, 2025, by compensating the client in the amount of $17,500.
Specifically, a client filed a complaint about Santiago Torres. The client alleged that Torres misappropriated various family members' funds. Because of this, the client allegedly sustained damages on fixed annuities and CDs. As a result, on January 21, 2025, Truist Investment Services Inc. settled this matter by paying the client $190,000 in damages.
Seeking more information about Santiago Torres? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney. Soreide Law Group has recovered losses for investors throughout 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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