Former broker William Edward Torriente Jr. (also known as Ed Torriente and Eddy Torriente) was reportedly barred for refusing to appear for and provide on-the-record testimony requested by FINRA in connection with its investigation into whether he placed “transactions in client accounts that the clients were not aware of”, according to a Letter of Acceptance. Waiver, and Consent disclosed on his Brokercheck Report.
Rosca Scarlato LLC attorney Alan Rosca and his colleagues are investigating the circumstances surrounding FINRA’s regulatory action against Torriente. Individuals who are concerned about their investments with William E. Torriente may contact Alan Rosca for a free case evaluation or to provide any helpful information by calling 888-998-0530 toll free, emailing arosca@rscounsel.law, or through the contact form provided on our website.
Torriente Sanctioned by FINRA
According to an AWC signed by Torriente in June of 2022, 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. The Form U5 reportedly stated that he had voluntarily resigned from the firm while under internal review for placing transactions in client accounts that the clients were not aware of.
Furthermore, Torriente’s Brokercheck reported 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.”
Without admitting or denying FINRA’s findings, William Torriente agreed to being permanently barred from associating with any FINRA member in any capacity.
William Torriente Has Customer Dispute Disclosures
According to his Brokercheck Report, Torriente was the subject of a customer dispute disclosure, reportedly filed in March of 2021. The customer alleged the registered representative violated the Arizona Securities Act, exercised unauthorized discretion, breached fiduciary duty, and violated FINRA Rules 2010 and 2020. The disclosure indicated that the alleged misconduct involved options and exchange traded funds and the customer reportedly requested $500,000 in damages.
A second customer dispute was reportedly filed in March of 2021. The customer alleged that the registered representative violated the Arizona Securities Act, exercised unauthorized discretion, failed to follow directions, breached fiduciary duty, and violated FINRA Rules 2010 and 2020. The dispute involved listed equity, options and exchange traded funds and $50,000,000 in damages have been requested.
A third customer dispute disclosure was reportedly filed in September of 2020. The customer alleged that he did not authorize nor know about certain unsolicited transactions that occurred in his account in June of 2020. $306,242 in damages was requested and the dispute was reportedly denied.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any Brokercheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog. While the customer complaints mentioned in the Brokercheck report allege misconduct by William Edward Torriente, the Brokercheck report does not appear to indicate whether he was a named party to those customer complaints, or the customers took action solely against the broker-dealer firm(s) that employed him at the time of the alleged conduct. Readers interested to learn more are encouraged to read the Brokercheck report or contact the Rosca Scarlato investor lawyers.
William ‘Eddy’ Torriente Has Been a Registered Broker Since 2000
Most recently Ed Torriente reportedly served as a broker with Comerica Securities, located in Phoenix, Arizona, from 2009 to 2020.
From 2006 to 2009, Torriente was employed by Wells Fargo Investments LLC, located in Mesa, Arizona.
Torriente reportedly worked as a broker with Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its New York office from 2000 to 2005.
Potential Compensation Claims for Concerned Investors
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating circumstances surrounding former broker William ‘Eddy’ Torriente’s alleged placing of transactions in client accounts that the clients were not aware of.
Rosca Scarlato LLC law firm typically represents clients on a contingency fee basis. This simply means that it advances the case costs and expenses, and fees are only paid from any compensation recovered. Attorney Alan Rosca, an investment lawyer and sometimes adjunct professor of securities regulation, has over 14 years of experience representing clients who have experienced investment loss due to the misconduct of brokers.
Investors who are concerned about their investments with William Ed Torriente may contact attorney Alan Rosca for a free no-obligation consultation by calling toll-free 888-998-0530, via email at arosca@rscounsel.law, or through the contact form provided on our website.
