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Ed Torriente: $50 Million Complaint Against Barred Comerica Advisor
Securities industry regulators recently barred former Phoenix advisors Ed Torriente (CRD# 4255814) over findings he refused to cooperate with an investigation into allegedly unauthorized transactions. Financial Industry Regulatory Authority records show that Mr. Torriente was most recently a broker with Comerica Securities.
According to a Letter of Acceptance, Waiver, and Consent (No. 2020068406701) issued in July 2022, FINRA sent Mr. Torriente a letter on June 3, 2022 requesting on-the-record testimony on June 21, 2022 in connection with its investigation into whether he exercised unauthorized discretion. On June 17, 2022, his counsel indicated to FINRA via email that Mr. Torriente would not appear for the required testimony. FINRA found that this refusal constituted violations of FINRA Rule 8210, which requires persons under FINRA’ s jurisdiction to provide testimony when requested under that rule, and FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade” while conducting their business. FINRA consequently barred Mr. Torriente from acting as a broker or otherwise associating with a broker-dealer firm.
Mr. Torriente’s BrokerCheck report discloses two pending investor complaints against him. The most recent, filed in March 2021, alleges that as a representative of Comerica Securities, he violated the Arizona Securities Act, used discretion without authorization, breached his fiduciary duty, and violated FINRA rules in connection with an option transaction “that resulted in a short position.” The pending complaint alleges damages of $500,000.
A second investor complaint, also filed in March 2021, similarly alleges that Mr. Torriente violated Arizona securities law, breached his fiduciary duty, failed to follow instructions, and exercised unauthorized discretion. The pending complaint alleges damages of $50 million.
In September 2020 Mr. Torriente resigned from his position at Comerica Securities. According to a disclosure on his BrokerCheck report, his resignation related to allegations that he “placed transactions in client accounts that the clients were not aware of.”
According to the Financial Industry Regulatory Authority, Ed Torriente holds 19 years of securities industry experience. Most recently based in Phoenix, Arizona, he was last registered as a broker with Comerica Securities. His former registrations include Wells Fargo Investments and Merrill Lynch. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Uniform Combined State Law Examination, or Series 66; and the Securities Industry Essentials Examination, or SIE. He currently holds no state licenses. (Information current as of July 8, 2022.)
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