FINRA

WITHOUT ADMITTING OR DENYING THE FINDINGS, TORRES CONSENTED TO THE SANCTION AND TO THE ENTRY OF FINDINGS THAT HE CONVERTED AT LEAST $59,600 FROM HIS MEMBER FIRM'S CUSTOMER, A 64-YEAR-OLD WIDOW, WHO HE APPROACHED FOR THE PURPORTED PURPOSE OF PARTNERING WITH TORRES IN A START-UP VENTURE AND SHE AGREED TO ENTER INTO THE PARTNERSHIP VENTURE WITH TORRES. THE FINDINGS STATED THAT WHILE A CUSTOMER OF TORRES AT THE FIRM, SHE PROVIDED TORRES WITH A CHECK IN THE AMOUNT OF $75,000 AS A CAPITAL INVESTMENT IN THE START-UP VENTURE. TORRES DEPOSITED THE $75,000 CHECK INTO A CHECKING ACCOUNT OPENED FOR THE START-UP VENTURE OVER WHICH TORRES HAD EXCLUSIVE ACCESS AND CONTROL. TORRES DID NOT USE AT LEAST $59,600 OF THE FUNDS PROVIDED BY THE CUSTOMER FOR ANY BUSINESS PURPOSE RELATED TO THE VENTURE. RATHER, TORRES USED THE FUNDS TO PAY FOR HIS PERSONAL EXPENSES. TORRES ARRANGED FOR THE PURPORTED START-UP VENTURE'S BANK ACCOUNT STATEMENTS TO BE SENT TO HIM, RATHER THAN THE CUSTOMER. IN DOING SO, TORRES CONCEALED HIS MISCONDUCT FROM THE CUSTOMER. THE FINDINGS ALSO STATED THAT TORRES ENGAGED IN OUTSIDE BUSINESS ACTIVITIES WITH THIS VENTURE AND HE FAILED TO NOTIFY THE FIRM OF THIS OUTSIDE BUSINESS ACTIVITY. THE FINDINGS ALSO INCLUDED THAT TORRES SUBMITTED TO HIS FIRM AN OUTSIDE BUSINESS ACTIVITIES QUESTIONNAIRE THAT CONTAINED MATERIALLY FALSE INFORMATION. FINRA FOUND THAT TORRES FAILED TO RESPOND TO FINRA REQUESTS FOR DOCUMENTS AND INFORMATION AND TESTIMONY AS REQUESTED.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

5/22/2015

Restitution

$59,600.00

PLUS INTEREST ON RESTITUTION