William Edward Torriente (also known as Ed Torriente and as Eddy Torriente) of Phoenix, Arizona, a stockbroker formerly registered with Comerica Securities Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings of Torriente failing to cooperate with FINRA investigators concerning allegations of Torriente’s unauthorized trading in customer accounts at Comerica Securities. Letter of Acceptance, Waiver, and Consent No. 2020068406701 (July 7, 2022).
According to the AWC, FINRA’s investigation commenced after the regulator received word of Torriente’s termination as a Comerica Securities stockbroker. The AWC shows that on October 20, 2020, a Form U5 had been filed by Comerica Securities in regard to Torriente’s voluntary resignation based upon accusations of Torriente making trades without customers’ knowledge or authorization. FINRA states that on April 16, 2021, Comerica Securities reported to FINRA that Torriente was involved in customer complaints alleging his use of discretion without authorization.
The AWC states that on June 3, 2022, Torriente was sent a letter from the regulator regarding the investigation. Torriente was specifically instructed to appear and testify in response to the allegations made by Comerica Securities surrounding Torriente’s termination.
Torriente’s lawyer informed FINRA that Torriente would not testify. FINRA states that Torriente’s refusal to cooperate in the investigation showed that he violated Rules 2010 and 8210.
FINRA Public Disclosure shows that Torriente has been identified in three customer initiated investment related disputes containing accusations of Torriente’s conduct while employed by Comerica Securities. On September 24, 2020, a customer filed an investment related complaint regarding Torriente’s conduct where the customer requested $306,242.00 in damages supported by allegations of unauthorized trading concerning exchange-traded notes when Torriente was employed by Comerica Securities.
On March 18, 2021, a different customer filed an investment related FINRA securities arbitration claim involving Torriente’s activities in which the customer sought $50,000,000.00 in damages based upon allegations that he breached his fiduciary duties, failed to follow instructions, effected unauthorized transaction and violated the Arizona Securities Act and FINRA rules during the time that Torriente was associated with Comerica Securities. FINRA Arbitration No. 21-00658. The claim alleges that the customer sustained damages in connection with transcations in exchange-traded funds, options, and stocks between 2019 and 2021.
Torriente is also identified in a customer initiated investment related FINRA securities arbitration claim where the customer requested $500,000.00 in damages based upon allegations of unauthorized trading by Torriente at Comerica Securities. FINRA Arbitration No. 21-00671 (March 31, 2021). The claim also contains accusations of violation of Arizona Securities Act and breach of fiduciary duty relating to an April 2020 option transaction.
Torriente was registered with Comerica Securities between October 30, 2009, and October 20, 2020.
