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FINRA Barred Financial Advisor Desiderio Torrez

https://brokercheck.finra.org/individual/summary/4759218

Desiderio Torrez (CRD#: 4759218) is a previously registered Broker.

Broker’s Background

He entered the securities industry in 2005 and previously worked for PFS Investments, 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 December 2022, FINRA sanctioned Desiderio Torrez, permanently barring him from all capacities. The FINRA sanction states, “Without admitting or denying the findings, Torrez consented to the sanction and to the entry of findings that he failed to produce documents requested by FINRA in connection with an investigation of a customer complaint reported by his former member firm in an amended Form U5. The findings stated that the amended Form U5 disclosed a customer complaint relating to Torrez’s alleged recommendation that the customer invest in a company. Initially Torrez provided some information and documents sought by FINRA. However, FINRA learned that Torrez had not substantially complied with its request. Ultimately, Torrez refused to provide any additional documents to FINRA now or at any time in the future.”

For a copy of the FINRA sanction, click here.

In addition, Desiderio Torrez has been the subject of one customer complaint, including the following:

  • August 2021 — CUSTOMER ALLEGED THAT THE FORMER PFSI REPRESENTATIVE, DESIDERIO TORREZ, RECOMMENDED FOR HER TO INVEST INTO A CALIFORNIA LLC NAME MESO HEALTHY, LLC.” The customer dispute was closed with no action.

For a copy of Desiderio Torrez’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

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 mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]