Laurence Torres, formerly of Alexander Capital, Barred by FINRA
Have you lost money with financial advisor Laurence Torres of Staten Island, New York? We are investigating allegations made by the SEC (Securities and Exchange Commission), against Laurence or “Larry” M. Torres. SEC filed an administrative complaint against Torres, alleging that he engaged in excessive trading or churning of customers’ accounts.
The SEC alleged that from August 2012 to September 2014, Torres engaged in frequent trading in eight customer accounts. He was alleged to have made numerous trades and generated commissions such that it would have been very difficult to achieve a positive return. For example, the SEC alleged that these accounts had cost-equity ratios of between 63% and 113%. That means those accounts would have needed to generate between 63% and 113%, respectively, just to break-even from the costs of trading. The SEC further alleged that Larry Torres generated over $530,000 in commissions just in these eight accounts in about two years.
Laurence Torres was a financial advisor and registered representative of Alexander Capital from June 2012 to October 2014. Torres also worked with First Standard Financial Company between October 2014 and September 2016. He worked at branch offices in Staten Island, New York. Torres has been the subject of at least five customer complaints, many alleging churning, excessive trading, and unsuitable investments.
Brokerage firms like Alexander Capital have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York and the New York City area. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Torres, Laurence SEC Order
Click to view: Torres, Larry BrokerCheck 9.29.17
If you lost money with Laurence Torres or Alexander Capital, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.