Ameriprise Financial Stockbroker Accused Of Annuity Misconduct
Edward Anthony Torres of Anaheim California a stockbroker currently employed by Ameriprise Financial Services is the subject of a customer initiated investment related written complaint on November 6, 2019 in which the customer requested $22,169.16 in damages based upon allegations that the customer was provided with poor investment advice by Torres in regards to the purchase of two annuity products during the time that the stockbroker was associated with Ameriprise.
Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that Torres is the subject of ten more customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by American Express Financial Advisors and Ameriprise Financial Services. The stockbroker has been identified in a customer initiated investment related complaint where the customer sought $8,500.00 in damages founded on accusations of Torres’ failure to inform the customer about expenses and fees and his failure to explain the difference between the share classes of mutual funds offered through American Express Financial Advisors.
Another customer initiated investment related complaint pertaining to Torres’ conduct was settled to resolve allegations that the customer’s American Express Financial Advisors account had been surrendered by the stockbroker without the customer’s knowledge or permission which resulted in the customer incurring unwarranted tax consequences. Torres is the subject of another customer initiated investment related written complaint in which customers requested $178,937.94 in damages based upon allegations that misrepresentations were made to them concerning annuity surrender charges and that the customers were placed in Inland American real estate investment trusts that failed to be suitable for them.
Torres is also referenced in a customer initiated investment related complaint on May 16, 2017 in which the customer requested $40,291.42 in damages based upon allegations that the customer’s inherited individual retirement account held at Ameriprise Financial Services was mismanaged by the stockbroker and that the stockbroker’s investment recommendations were not suitable for the customer.
Torres has been employed by Ameriprise Financial Services since July 16, 1986.