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
01/2014 – 07/2014
WELLS FARGO ADVISORS, LLC
01/2013 – 01/2014
BB&T INVESTMENT SERVICES, INC.
02/2010 – 01/2013
STATETRUST INVESTMENTS INC.
11/2009 – 02/2010
03/2009 – 11/2009
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