Tag: Complaints against Wells Fargo Advisors Hollywood FL Alejandro Torres

Hollywood Florida Broker Alejandro Torres Barred for Alleged Conversion of Client’s Funds

According to FINRA’s Disciplinary and Other FINRA Actions publication, Alejandro Ariel Torres (CRD #5631211) was barred by FINRA for converting at least $59,600 from a customer and engaging in outside business activities without seeking or obtaining his brokerage firm’s approval.

FINRA  alleged the customer, a 64-year-old widow, gave Torres a check for $75,000 for the purported purpose of partnering with Torres in a start-up venture known as Towers Investments, LLC, in which both the customer and Torres owned fifty percent.  FINRA alleged that Torres did not use at least $59,600 of the funds given by the customer for business related purposes, but rather used the funds to pay for his personal expenses.  FINRA further alleged that Torres concealed his misconduct by having the bank statements sent to him personally, rather than the customer.

FINRA further alleges that Torres failed to respond to FINRA’s requests for documents, information, and testimony. (See FINRA AWC No. 2014041282601)

According to FINRA’s Broker Check, Alejandro Torres has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.  Torres was registered in the securities industry for five (5) years with the following firm(s):

GLOBAL STRATEGIC INVESTMENTS, LLC

CRD #117028

MIAMI, FL

01/2014 – 07/2014

 

WELLS FARGO ADVISORS, LLC

CRD #19616

HOLLYWOOD, FL

01/2013 – 01/2014

 

BB&T INVESTMENT SERVICES, INC.

CRD #33856

AVENTURA, FL

02/2010 – 01/2013

 

STATETRUST INVESTMENTS INC.

CRD #104651

MIAMI, FL

11/2009 – 02/2010

 

EDWARD JONES

CRD #250

DAVIE, FL

03/2009 – 11/2009

 

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options.  The Hanley Law is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.