Did you lose money investing with Torrey Sattof (CRD# 5851586)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Torrey Sattof. If you suffered losses investing with Torrey Sattof, 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 June 21, 2020, Torrey Sattof’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 Regulatory Event(s)
1 Employment Separation After Allegations
UPDATE 6/21/2020: According to FINRA’s June 2020 Disciplinary Actions: Torrey Brent Sattof (CRD #5851586, Pennsdale, Pennsylvania) April 27, 2020 – An AWC was issued in which Sattof was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Sattof consented to the sanction and to the entry of findings that he converted $1,091.24 from his member firm’s affiliated insurance company. The findings stated that FINRA began an investigation into this matter after receiving a Form U5 filed by Sattof’s firm disclosing that he was terminated for being involved in a scheme to defraud the affiliate. Sattof caused the affiliate to reimburse him for gift cards that he purchased and purportedly awarded to the winners of insurance sales and training contests when, in fact, he had fabricated the contests and kept the gift cards for his personal use. In each instance, Sattof directed an assistant, who was unaware that the contest had been fabricated, to prepare the reimbursement request form that Sattof then signed in his capacity as a supervisor. Sattof had previously directed employees to pre-sign blank award forms that were then used with the reimbursement request. The affiliate approved the requests and deposited the reimbursement funds directly into Sattof’s personal bank account. (FINRA Case #2018058977001)
Current and Previous Registrations
03/30/2018 – 06/26/2018 BANKERS LIFE SECURITIES, INC. (CRD#:173962) Williamsport, PA
01/27/2011 – 11/29/2012 PROEQUITIES, INC. (CRD#:15708) BIRMINGHAM, AL
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 Torrey Sattof 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.
