Laurence Michael Torres, of Staten Island, New York, a stockbroker formerly registered with First Standard Financial Company LLC, has suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he did not relay to FINRA that he was compliant with a customer initiated investment related settlement or arbitration claim regarding allegations of his wrongdoing. Case No. 16-00673 (Mar. 31, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Torres has been named in five customer initiated investment related disputes pertaining to allegations of his misconduct while associated with Alexander Capital L.P. and First Standard Financial Company LLC. Specifically, on November 21, 2016, a customer initiated investment related arbitration claim involving Torres’s conduct was settled for $400,000.00 in damages based upon allegations that he breached his contractual and fiduciary obligations to the customer, effected unsuitable over-the-counter equity transactions and committed fraud.
Subsequently, on December 22, 2016, a customer was awarded $46,500.00 in damages according to an investment related arbitration claim involving Torres’ misconduct, based upon allegations that Torres breached his fiduciary duties, effected securities transactions that were unsuitable, and churned the customer’s investment portfolio.
Further, on April 4, 2017, a customer filed an investment related written complaint regarding Torres’ activities, where the customer requested $232,451.00 in damages based upon allegations that Torres effected speculative equity investments in the customer’s account, utilized the customer’s margin in an excessive manner, and over-concentrated the customer’s portfolio in investments which caused the customer to sustain substantial investment losses.
Torres’ registration with First Standard Financial Company LLC was terminated on September 16, 2016. Since March 20, 2000, he has been associated with nine different broker dealers, five of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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