Alejandro Ariel Torres of Miami Florida a stockbroker formerly registered with Global Strategic Investments LLC is the subject of a customer initiated investment related arbitration claim which was settled for $32,500.00 in damages founded on accusations that misrepresentations had been made to the customer by Torres in regard to the customer’s investments and (2) investments were solicited from the customer by Torres away from the firm through an unapproved private securities transaction. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-01118 (Apr. 19, 2017).
FINRA Public Disclosure reveals that Torres has been identified in four additional customer initiated investment related disputes pertaining to allegations of his egregious conduct while employed with securities broker dealers including Wells Fargo Advisors LLC and BB&T Investment Services Inc. Specifically, a customer filed an investment related arbitration claim concerning Torres’ conduct where the customer sought $55,000.00 in damages supported by accusations that while Torres was associated with Wells Fargo Advisors LLC, Torres neglected to effect the sale of unit investment trust positions from the customer’s investment portfolio causing the customer to suffer unwarranted losses.
Subsequently, a customer filed an investment related arbitration claim regarding Torres’ activities in which the customer requested $36,000.00 in damages based upon allegations that while Torres was associated with BB&T Investment Services Inc., the customer was provided misleading information concerning the earnings to be expected from purchasing an offshore variable investment contract. Additionally, a customer initiated investment related arbitration claim involving Torres’ activities was resolved for $29,000.00 in damages founded on accusations that the customer’s instructions of liquidating a unit investment trust had been disregarded by Torres while he was employed with Wells Fargo Advisors LLC. FINRA Arbitration No. 16-02308 (Nov. 28, 2016).
FINRA Public Disclosure confirms that Torres has already been barred from associating with any FINRA member in any capacity based upon findings that: (1) Torres converted funds belonging to a customer of Wells Fargo; (2) Torres engaged in unapproved outside business activities; (3) Torres lied to his securities broker dealer employer concerning his activities; and (4) Torres failed to comply with FINRA during an investigation into his misconduct . Letter of Acceptance Waiver and Consent No. 2014041282601 (May 22, 2015).
According to the AWC, Torres steered customer BMS towards partnering with Torres in a business, Towers Investments LLC. Supposedly, BMS handed Torres $75,000.00 as part of the arrangement; however, Torres did not use the customer’s funds according to their arrangement. Rather, Torres utilized the customer’s funds to pay personal expenses. FINRA found Torres’ conversion of the customer’s funds to be violative of FINRA Rule 2010. Moreover, FINRA found that Torres failed to inform the firm about his activities with regard to Towers Investments LLC; conduct violative of FINRA Rules 2010 and 3270.
The AWC stated that Torres also lied to Wells Fargo concerning the ownership of Towers Investments LLC, omitting that BMS had a stake in the company. FINRA found Torres’ failure to be forthcoming with his securities broker dealer employer as conduct violative of FINRA Rules 2010. Moreover, Torres was instructed by FINRA to furnish information and documentation concerning, among other things, a Towers Investments LLC bank account. Torres was also instructed by FINRA to provided recorded testimony concerning his activities. Yet, he failed to comply with either of FINRA’s requests. FINRA found Torres’ conduct violative of FINRA Rules 2010 and 8210.
