- July 18, 2022
- Comerica Securities
William Torriente (CRD#: 4255814) is a previously registered Broker and Investment Advisor.
He entered the securities industry in 2000 and previously worked for Comerica Securities; Wells Fargo Investments, LLC; and Merrill Lynch, Pierce, Fenner & Smith, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in July 2022, FINRA sanctioned William Torriente, barring him from all capacities, indefinitely, beginning July 7, 2022. The FINRA sanction states, “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.”
For a copy of the FINRA sanction, click here.
In addition, William Torriente has been the subject of three customer complaints, including two that remain pending, including the following:
- March 2021 — “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.” The customer dispute is pending, and damages of $500,000 are requested.
- March 2021 — “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.” The customer dispute is pending, and damages of $50M are requested.
- September 2020 — “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.” The customer dispute was denied.
- September 2020 — “RR placed transactions in client accounts that the clients were not aware of.” William Torriente voluntarily resigned from Comerica Securities, Inc.
For a copy of William Torriente’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.
In addition, to the extent a Financial Advisor converts client assets during the course and scope of his employment and/or registration with the brokerage firm, that brokerage firm may be held liable for any attendant losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at email@example.com.