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FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
The representative was previously registered both as an investment adviser and as a broker. Visit BrokerCheck for more information on this individual's Broker record. Go to BrokerCheck Site
Without admitting or denying the findings, Torriente consented to the sanction and to the entry of findings that he refused to appear for and provide on-the-record testimony requested by FINRA in connection with its investigation into the allegations contained in a Uniform Termination Notice for Securities Industry Registration (Form U5) filed by his member firm stating that he had voluntarily terminated his association with the firm while under internal review for placing transactions in client accounts that the clients were not aware of. The findings stated that the firm later filed a Form U5 Amendment for Torriente disclosing two different customer complaints alleging, among other things, that he had exercised unauthorized discretion.
Resolution
Acceptance, Waiver & Consent(AWC)
Bar
Bar (Permanent)
Registration Capacities Affected
All Capacities
Duration
Indefinite
Start Date
7/7/2022
3/31/2021
Customer Dispute
Settled
Allegations
Claim alleges RR violated the Arizona Securities Act; exercised unauthorized discretion; Breached Fiduciary Duty; and, violated FINRA Rules 2010 and 2020 relating primarily to an option transaction in April of 2020 that resulted in a short position.
Damage Amount Requested
$500,000.00
Settlement Amount
$200,500.00
3/18/2021
Customer Dispute
Settled
Allegations
Claim alleged that RR violated the Arizona Securities Act; exercised unauthorized discretion; failed to follow instructions; breached fiduciary duty; and, violated FINRA Rule 2010 and 2020 related to accounts owned by claimants from at least 2019.
Damage Amount Requested
$50,000,000.00
Settlement Amount
$10,000,000.00
9/24/2020
Customer Dispute
Denied
Allegations
THE TRUSTEE OF THE C&H REVOCABLE TRUST ALLEGED THAT HE DID NOT AUTHORIZE NOR DID HE KNOW ABOUT CERTAIN UNSOLICITED TRANSACTIONS THAT OCCURRED IN THE ACCOUNT IN JUNE 2020.
Damage Amount Requested
$306,242.00
Broker Comment
COMERICA SECURITIES, INC. REVIEWED THE MATTER AND CONCLUDED THAT THE TRUSTEE WAS AWARE OF AND ACKNOWLEDGED THE TRANSACTIONS IN QUESTION. TRANSACTION CONFIRMATIONS AND ACCOUNT STATEMENTS FOR ALL ACTIVITY IN THE ACCOUNT WERE SENT TO THE TRUSTEE.
9/21/2020
Employment Separation After Allegations
Firm Name
Comerica Securities, Inc.
Termination Type
Voluntary Resignation
Allegations
RR placed transactions in client accounts that the clients were not aware of.
License(s)
The broker is not currently registered with any state or SRO.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.