Santiago J. Torres Jr., formerly associated with Truist Investment Services Inc. in Willow Street, Pennsylvania, is facing a pending regulatory action initiated by Financial Industry Regulatory Authority (FINRA) for failing to cooperate with the regulator during an investigation. Department of Enforcement v. Santiago J. Torres, Disciplinary Proceeding No. 2024083132901 (January 31, 2025).
According to the Complaint, Torres failed to provide information and documents and did not appear for testimony requested by FINRA. The regulator initially launched an investigation into allegations that Torres misappropriated funds and forged customer documents. FINRA sent an initial request for documents and information on September 24, 2024, followed by a second request on October 10, 2024. Both requests were sent via multiple delivery methods, including first-class mail, certified mail, and electronic mail. While the certified and FedEx mailings were unclaimed, the electronic communications were not returned as undeliverable.
The requested documents included statements on whether Torres provided forged documents to a Truist customer, records of financial transactions, and communications with identified individuals in the customer complaint. Torres allegedly did not respond to either request or request an extension.
Additionally, the Complaint alleged that Torres failed to appear for testimony requested on September 25, 2024, and October 10, 2024, as part of FINRA’s investigation. The requests were delivered through the same methods, with electronic copies sent to Torres’s personal and business email addresses. proper notification, Torres allegedly did not appear for scheduled testimony on October 10, 2024, or the rescheduled date of October 25, 2024. His failure to appear for testimony allegedly hindered FINRA’s ability to investigate the allegations against him.
FINRA Public Disclosure show that two customer complaints related to his alleged misconduct remain pending. According to FINRA Public Disclosure, a customer initiated investment related complaint dated August 13, 2024, alleged that Torres misappropriated funds from a customer between October 2018 and September 2024, with damages exceeding $5,000. Another pending customer initiated investment related complaint dated August 5, 2024, alleged misappropriation of funds from various family members, also involving damages exceeding $5,000.
Before his tenure at Truist Investment Services, he was associated with BB&T Securities, LLC in Richmond, Virginia, from January 2018 to February 2021. Torres was discharged from Truist Investment Services Inc. on September 25, 2024, following allegations of misappropriation of customer funds and falsification of customer documents.
