May 2018- Staten Island, NY
According to FINRA records, former stockbroker Laurence M. Torres discloses 2 pending and 4 prior customer disputes. Torres, who worked for First Standard Financial Company and Alexander Capital, was permanently barred from the securities industry by the Securities and Exchange Commission in 9/2017 to resolve allegations that he violated securities laws by churning customer accounts. Torres was fined $160,000 and ordered to pay over $225,000 in disgorgment sanctions to victims.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Prior customer complaints include:
- A claim brought in March 2016 by a customer of Alexander Capital alleged damages of $99,999 for churning, unsuitability, breach of fiduciary duty and fraud. That case was settled for $50,000.
- FINRA Case 15-2541, brought by a customer of Alexander Capital alleged damages of $400,000 for unsuitability, breach of fiduciary duty, common law fraud and breach of contract. The case was settled for $95,000.
In currently pending FINRA case 18-0302 a customer of Alexander Capital seeks damages of $892,102 and alleges high pressure sales techniques and unsuitable investments.
Torres was registered with First Standard Financial from 10/2014-9/2016. He was registered with Alexander Capital from 6/2012-10/2014 and prior to that with Brookstone Securities from 10/2009-6/2012.
If you have losses in an account handled by Laurence M. Torres , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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