Close Menu
Free Consultation: 888-976-6111

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.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • Kurt Berry: FINRA Suspends Former Vanderbilt Advisor

    Johnson City, Tennessee financial advisor Kurt Berry (CRD# 4550773) was recently suspended and fined in connection with allegedly improper oil...

    Read More
  • Sid Bindra: Suitability Complaints Against Truist Advisor

    Tampa, Florida financial advisor Sid Bindra (CRD# 6147537) has received multiple investor complaints alleging that his conduct resulted in damages....

    Read More
  • Greg Wilson: $1mm Oil & Gas Complaint Against Ortiz Advisor

    Whittier, California financial advisor Greg Wilson (CRD# 6849983) recently received an investor complaint alleging that his advice resulted in seven-figure...

    Read More
  • Wally Less: $254K Complaint Against SouthState Advisor

    A recent investor complaint against Savannah, Georgia financial advisor Wally Less (CRD# 5191948) alleges that he approved unauthorized transactions. Financial...

    Read More
  • Previous
  • Next