Victor Torres: $150K Complaint Against Equitable Advisor

Fort Lauderdale, Florida financial advisor Victor Torres (CRD# 5919902) has received multiple investor complaints alleging that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is registered as a broker with Equitable Advisors.

Mr. Torres’ BrokerCheck report discloses multiple investor complaints. The most recent, filed in October 2024, alleges that as a representative of Equitable Advisors, he unsuitably recommended the purchase of variable life insurance policies “as tax shields.” The pending complaint alleges damages of $150,000.

A second investor complaint, also filed in October 2024, similarly alleged that he unsuitably recommended the sale of a variable life insurance policy as a tax shield. The pending complaint alleges damages of $50,000.

A third investor complaint, filed in 2021, alleged that as an Equitable Advisors representative, he sold an unsuitable variable insurance policy. The complaint reached a settlement of $13,336. “The firm found no basis to the customer complaint,” states a comment included with the disclosure, “but canceled the policy and refunded the client’s premiums in the interest of good faith.”

A fourth disclosure on Mr. Torres’ BrokerCheck report concerns his resignation from Northwestern Mutual Investment Services. Filed in 2013, it states that he voluntarily resigned from the firm”while under internal review for allegedly failing to disclose material underwriting information on his clients’ applications for non-variable insurance.”

According to the Financial Industry Regulatory Authority, Victor Torres holds seven years of securities industry experience. Based in Fort Lauderdale, Florida, he has been registered as a broker with Equitable Advisors since 2018. His past registrations include Equity Services, SagePoint Financial, and Northwestern Mutual Investment Services. His credentials include the passage of two securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE, and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. He is licensed in Florida. (Information current as of November 17, 2024.)

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