Sonn Law Group is investigating claims regarding Alejandro Ariel Torres (CRD #5631211, Hollywood, Florida). Torres recently submitted an Acceptance, Waiver & Consent (“AWC”) in which he was barred from association with any FINRA member in any capacity and ordered to pay $59,600, plus interest, in a deferred restitution to a customer. See FINRA Case #2014041282601. Torres had been associated with Global Strategic Investments, LLC (January 2014-July 2014), BB&T Investment Services, Inc. (February 2010-January 2013), and Wells Fargo Advisors, LLC (January 2013-January 2014).
FINRA found that Torres converted at least $59,600 from his member firm’s customer, a 64-year-old widow, who he had approached for the purported purpose of partnering with in a start-up venture. In particular, in December 2013 Torres accepted a $75,000 check from a firm customer for the purported purpose of partnering with Torres in a start-up venture known as Towers Investments LLC (“Towers”), according to FINRA. FINRA found that Torres used at least $59,600 of the funds to pay for personal expenses rather than for any business purposes related to the venture. FINRA also found that Torres arranged for the purported start-up venture’s bank account statements to be sent to him, rather than the customer, in order to conceal his misconduct. In addition, FINRA found that Torres failed to notify his firm of his outside business activities related to the start-up venture, and that Torres submitted to his firm an outside business activities questionnaire that contained materially false information. Torres falsely stated that he was the sole owner of the venture and that he had not recommended or negotiated the sale of any membership or partnership interest in the venture, according to FINRA. Further, Torres failed to respond to FINRA requests for documents and information and testimony.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Global Strategic Investments, LLC, BB&T Investment Services, Inc., or Wells Fargo Advisors, LLC, may be liable for investment or other losses suffered by Torres’ customers during the time Torres was registered with the firm.
If you were a client of Global Strategic Investments, LLC, BB&T Investment Services, Inc., Wells Fargo Advisors, LLC, or Torres, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our “contact form.”