Last Updated: October 2024 (Fort Lauderdale, FL)
National securities fraud lawyers at Patil Law P.C. are investigating current Equitable Advisors broker Victor Torres (CRD #5919902) regarding allegations of recommending unsuitable variable life insurance policies and misrepresenting them as tax shields.
The investigation follows multiple recent FINRA arbitration claims and a concerning history of customer disputes and employment separation after allegations of failing to disclose material underwriting information.
Critical Insights About Fort Lauderdale Financial Advisor Victor Torres
- Advisor Name: Victor M. Torres
- CRD: 5919902
- Location: Fort Lauderdale, FL
- Current Employer: Equitable Advisors, LLC
- Classification: Registered Representative
- Primary Location: One Financial Plaza, Suite 1200, Ft. Lauderdale, FL 33394
- Can Victor Torres be sued in FINRA arbitration: Yes
- Customer Disputes: Two pending, one settled
- Employment Separation: One after allegations
- Current Registrations: Licensed in Florida
- Years of Experience: Since 2012
- Previous Employers: Equity Services (2018), SagePoint Financial (2015-2016)
- Professional Qualifications: Series 6, Securities Industry Essentials Exam
- Outside Business Activities: MT Biz LLC, insurance sales
- Settlement History: $13,336 client settlement in 2021
- Recent Claims: Two new FINRA arbitrations seeking $200,000 combined
Details of Current Investigations
Recent FINRA arbitrations include:
- Case #24-02343 (October 2024): Alleging unsuitable recommendations of two variable life insurance policies as tax shields ($150,000 claimed)
- Case #24-02328 (October 2024): Alleging unsuitable recommendation of variable life insurance policy as tax shield ($50,000 claimed)
- Prior settlement of $13,336 in 2021 regarding unsuitable variable insurance policy recommendations
Analysis of Alleged Misconduct
The pattern of complaints reveals concerning practices:
- Misrepresentation of insurance products
- Unsuitable insurance recommendations
- Improper tax planning advice
- Failure to disclose material information
- Pattern of insurance-related issues
- Potential misuse of tax benefits
Regulatory Framework and Investor Protection
SEC Regulation Best Interest
Reg BI requires Mr. Torres to:
- Make suitable insurance recommendations
- Fully disclose product features and risks
- Consider client-specific tax situation
- Evaluate costs and fees
- Provide accurate tax benefit information
FINRA Rules and Their Significance
FINRA Rule 2111 mandates:
- Suitability analysis for insurance products
- Customer-specific needs assessment
- Documentation of recommendations
- Proper disclosure of features and risks
FINRA Rule 2210 requires:
- Fair and balanced communications
- No misleading statements about tax benefits
- Complete disclosure of insurance features
- Accurate representation of product benefits
Professional Background
Concerning aspects of Mr. Torres’s career include:
- 2013 resignation from NMIS while under internal review
- Allegations of failing to disclose material underwriting information
- Multiple firm changes in short period
- Focus on insurance product sales
- Limited securities licenses
Red Flags for Investors
- Multiple pending customer disputes
- Pattern of insurance-related complaints
- History of employment separation after allegations
- Limited securities qualifications
- Focus on insurance products
- Multiple recent arbitration claims
- Prior regulatory disclosure issues
- History of misrepresentation allegations
Implications for Current and Former Clients
Current and former clients should:
- Review all insurance policies
- Evaluate premium costs
- Assess tax planning strategies
- Document all communications
- Review policy applications
- Verify disclosure accuracy
- Consider independent insurance review
- Understand their rights regarding unsuitable recommendations
- Consult qualified tax professionals
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have purchased a variable insurance policy from Mr. Torres or have concerns about insurance recommendations in your portfolio, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
