Edward Anthony Torres, of Anaheim, California, a stockbroker formerly registered with Ameriprise Financial Services, Inc., is the subject of a customer initiated investment related written complaint on May 1, 2017, wherein the customer requested $40,291.42 in damages based upon allegations that Torres negligently managed the customer’s individual retirement account, and made unsuitable investment recommendations to the customer concerning equity investments effected in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Torres has been identified in nine customer initiated investment related disputes containing allegations of his wrongdoing while associated with American Express Financial Advisors Inc. and Ameriprise Financial Services, Inc. In particular, on October 8, 2003, a customer initiated investment related written complaint involving Torres’ conduct was settled for $3,826.00 in damages based upon allegations that he effected an unauthorized liquidation of the customer’s annuity, causing the customer to sustain tax liabilities.
Subsequently, on May 23, 2008, a customer filed an investment related written complaint regarding Torres’ activities, in which the customer requested $18,700.00 in damages based upon allegations that Torres omitted information from the customer concerning the exchange of a variable universal life insurance policy. Further, on June 20, 2011, a customer filed an investment related written complaint involving Torres’ conduct, where the customer requested $89,632.50 in damages based upon allegations that Torres effected an annuity purchase with the customer’s funds despite the product having been unsuitable for the customer. Torres has also become the subject of a customer initiated investment related written complaint on May 4, 2012, in which the customer sought $313,397.16 in damages based upon allegations that he facilitated an unsuitable purchase of an Inland Western Real Estate Investment Trust in the customer’s account.
Additionally, on August 24, 2012, a customer filed an investment related written complaint pertaining to the Torres’ conduct, in which the customer requested $178,937.94 in damages based upon allegations that he induced the customer’s variable universal life policy by making misrepresentations and omitted information from the customer regarding the penalties assessed to the customer for surrendering the product. The customer also alleged that Torres effected unsuitable real estate securities transactions in the customer’s investment portfolio.
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