Alejandro Torres Barred by FINRA on Conversion Allegations

Torres allegedly convinced a client to go into business with him, converted at least $59,600 for his personal use

After five years in the securities industry, Alejandro Ariel Torres has been permanently barred by FINRA on May 11, 2015 following allegations of converting customer money for his personal use. Most recently employed by Global Strategic Investments in Miami, Torres was previously employed by
Wells Fargo, BB&T, Statetrust Investments, Inc., and Edward Jones, all in South Florida.

According to FINRA’s report, Torres approached a customer about going into business together and making her a part owner of the company. The customer, a 64-year-old widow, wrote him a check for $75,000, and of that money, Torres allegedly converted at least $59,600 for his personal use. FINRA alleged that the money was used to pay for meals, car payments and repairs for his BMW and various other expenses.

Torres maintained exclusive control of the account used for the funds, though it was in the name of the start-up company the customer thought she was buying into, according to the report. FINRA also found that Torres allegedly conducted outside business activities in conjunction with this venture without notifying his firm.

While Torres did submit a questionnaire about any outside business activity to his firm, the information included on the form was found to be false. Subsequently, FINRA requested documents and information from Torres, which Torres failed to produce. As a result, FINRA is requiring Torres to pay restitution of $59,600 plus interest.

Torres has been involved in four previous customer disputes, three of which were denied and one, in 2011, that was settled for almost $4,000 on allegations of misinformation.

Misappropriation of funds is the intentional, illegal use of someone else’s property or funds for one’s own use or any unauthorized purpose. It’s also a slap in the face to investors who put their trust in their advisor. Elder financial fraud is rampant in South Florida, where many people retire and trust their financial advisor with managing money intended for safe or conservative investments.

If you have been affected by the actions of Alejandro Torres or any financial advisor, you have legal rights to pursue loss recovery through securities arbitration. The experienced securities attorneys at Silver Law Group have successfully covered funds for numerous clients and may be able to help you as well. Contact us today for a free consultation. We work with investors across the nation on a contingent fee basis, which means you won’t pay legal fees unless we win your case.