The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Israel Torres. According to his publicly available FINRA BrokerCheck report, Israel Torres has been the subject of multiple customer disputes.
Israel Torres was a New York-based securities broker. He worked in the securities industry for eighteen years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Millennium Securities Corp. (2000-2001)
- Berry-Shino Securities (2001-2004)
- Meyers Associates (2004-2016)
- Legend Securities (2016)
- Craft Capital Management (2017-2018)
The Allegations
- In July 2012, a customer alleged that Israel Torres excessively traded their account and executed unnecessary margin trades. This case was settled for $75,000 in damages.
- In June 2016, a customer alleged that Israel Torres recommended unsuitable investments, breached his fiduciary duty, committed fraud, made material misrepresentations, managed their account negligently, breached contract, and more. This case went to arbitration where the customer was awarded $347,300 in damages.
Breach Of Fiduciary Duty
Securities brokers are a brand of financial advisor known as fiduciaries. Fiduciaries have a legal obligation to only make financial decisions for their customers that work in their best financial interests. This obligation is also referred to as their fiduciary duty. A securities broker who places their own selfish interests ahead of their customer’s in some manner has breached their fiduciary duty. Brokers who do this work toward eroding the trust between investors and brokers. A trust that is necessary for the relationship to even exist.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Israel Torres, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
