Lawrence Torres Censured By The SEC And Fined $160,000 And Ordered To Disgorge $225,359
The Wolper Law Firm is currently investigating claims against Lawrence Torres, a former Financial Advisor at First Standard Financial Company in Staten Island, NY. Lawrence Torres’s past employments include Alexander Capital, LP, Brookstone Securities, Inc., JP Turner & Company and VFinanace Inestments.
According to public records released by the Financial Industry Regulatory Authority (FINRA), on September 28, 2017, Lawrence Torres received an censure from the SEC, barring him from associating with any brokerage firm. The SEC also imposed a fine of $160,000 and required him to disgorge an additional $225,359. The SEC alleged that Lawrence Torres “violated the antifraud provisions of the federal securities laws by recommending a high-cost pattern of frequent trading that he had no reasonable basis to believe would be suitable for eight of his customers or for anyone, by making material misrepresentations and omissions regarding the high-cost pattern of frequent trading that he recommended to those customers, by churning those customer accounts and by engaging in unauthorized trading therein.”
In addition, according to Lawrence Torres’ FINRA BrokerCheck, he has been the subject of six (6) customer complaints, one of which remains pending. In February 2018, a customer alleged “high pressure sales techniques-unsuitable investments” and alleged damages of $692,000.
Additional customer complaints have been filed against Lawrence Torres, including the following:
- April 2017—Customer alleged “overconcentration in one security” and the “excessive” use of margin. Alleged damages are $232,000 and the matter remains pending.
- March 2016—Customer alleged “churning, unsuitability, breach of fiduciary duty, fraud.” The matter was settled for $50,000.
- November 2015—Customer alleged “unsuitability”, “breach of fiduciary” and “common law fraud.” The matter was settled for $95,000.
In addition to the customer complaints and regulatory infraction, Lawrence Torres was previously accused of passing counterfeit currency.
Brokerage firms are required by regulation to supervise the Financial Advisors they employ. The failure of a brokerage firm to properly supervise its Financial Advisors imposes liability on the brokerage firm for investment losses caused by the Financial Advisor’s misconduct.
If you or someone you know was a customer of Lawrence Torres and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.