DID LAURENCE TORRES CAUSE YOU INVESTMENT LOSSES?
Laurence Torres Formerly With First Standard Financial Company LLC Has 7 Customer Complaints For Alleged Broker Misconduct
Who is Laurence Torres formerly with First Standard Financial Company LLC?
Laurence Torres (CRD #2821373) who was formerly registered with First Standard Financial Company LLC and located in Staten Island, New York is a subject of one of our many securities industry sales practice abuse investigations. Laurence Torres has also been investigated by the United States Securities and Exchange Commission (SEC) and FINRA.
The SEC investigation resulted in a cease-and-desist order where it found that Laurence Torres violated the federal securities laws by recommending a high-because pattern of frequent trading, that he had no reasonable basis to believe would be suitable for aid of his customers or for anyone, by making material misrepresentations and omissions regarding the high-because pattern of frequent trading, that he recommended to those customers, by churning those customers accounts, and by engaging in unauthorized trading therein. He was permanently barred by the SEC for any further involvement in the securities industry and ordered to pay, disgorgement and a monetary penalty.
FINRA suspended him for failure to comply with an arbitration award or settlement agreement were satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
Laurence Torres Customer Complaints
Laurence Torres has been the subject of 7 customer complaints that we know about, one of those complaints was filed in the last year to recover investment losses. One arbitration award was entered against Laurence Torres’ and his employer for alleged misconduct causing investors losses. Three of Laurence Torres’ 7 customer complaints were settled in favor of investors. There are currently three pending customer complaints filed against Alexander Capital L.P. and Brookstone Securities, Inc. for investment losses caused by Laurence Torres’ alleged misconduct.
Allegations Against Laurence Torres
A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:
- The claimant opened an account with Laurence Torres, broker previously with Alexander Capital L.P. The account was closed. The claimant deposited $232,451 into the account, the entire amount lost due to the following infractions allegedly committed by Laurence Torres: over concentration in one security, excessive use of margin, high speculative investment.
- Laurence Torres’ alleged failure to follow instruction customer did not understand the use of margin unsuitable investments.
- Laurence Torres’ alleged high pressure sales techniques – unsuitable investments.
- Laurence Torres’ alleged suitability, churning, and breach of fiduciary duty.
- Unsuitability-breach of fiduciary common law fraud-breach of contract allegedly by Laurence Torres.
- Laurence Torres’ alleged unsuitable investments, concentration, churning, and failure to “know your customer.”
- Churning, unsuitability, breach of fiduciary duty, fraud allegedly by Laurence Torres.
Laurence Torres Red Flags & Your Rights As An Investor
Of course, Laurence Torres did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Laurence Torres at First Standard Financial Company LLC on alert to review carefully the activity and performance of their accounts and question whether Laurence Torres has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at First Standard Financial Company LLC also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
File A Claim To Recover Your Investment Losses At First Standard Financial Company LLC Due To Laurence Torres
If you have questions about First Standard Financial Company LLC and/or Laurence Torres and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.