Did you lose money investing with Desiderio Torrez (CRD# 4759218)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Desiderio Torrez. If you suffered losses investing with Desiderio Torrez, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of April 11, 2023, Desiderio Torrez’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Customer Dispute
1 Regulatory Event
December 20, 2022 – An AWC was issued in which Torrez was barred from association with any FINRA member in all capacities. 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 the 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. (FINRA Case #2021072500701)
Current and Previous Registrations
01/26/2009 – 01/29/2021 PFS INVESTMENTS INC. (CRD#:10111) SAN DIEGO, CA
01/04/2008 – 12/31/2008 PFS INVESTMENTS INC. (CRD#:10111) DULUTH, GA
01/01/2005 – 12/31/2007 PFS INVESTMENTS INC. (CRD#:10111) DULUTH, GA
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Desiderio Torrez and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
