Robert Torcivia Suspended by FINRA Over Fiduciary/Beneficiary Client Relationships

Robert TorciviaPublic records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 20, 2018 indicate that former Arizona-based Moors & Cabot broker/adviser Robert Torcivia was recently sanctioned by FINRA in connection to alleged rule violations and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Torcivia (CRD# 700880).

Robert Torcivia has spent 44 years in the securities industry and was most recently registered with Moors & Cabot in Phoenix, Arizona (2015-2018). Previous registrations include Ameriprise Financial Services in Sun City, Arizona (2010-2015); Wells Fargo Advisors in Surprise, Arizona (2004-2010); Piper Jaffray & Company in Minneapolis, Minnesota (2000-2004); Painewebber in Weehawken, New Jersey (1994-2000); Dean Witter Reynolds in Purchase, New York (1988-1994); EF Hutton & Company (1984-1988); Boettcher & Company (1981-1984); Wedbush Noble Cooke (1979-1982); Shearson Loeb Rhoades (1977-1979); Shearson Hayden Stone (1975-1977); the Variable Annuity Marketing Company (1974-1975); and Shearson Hammill & Company (1974). He has passed ten securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on August 9, 1995; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on September 14, 1984; SIE (Securities Industry Essentials Examination), which he obtained on September 11, 2018; Series 3 (National Commodity Futures Examination), which he obtained on November 6, 1984; PC (AMEX Put and Call Exam), which he obtained on May 19, 1997; Series 000 (General Securities Principal Examination), which he obtained on May 23, 1974; Series 1 (Registered Representative Examination), which he obtained on May 23, 1974; Series 4 (Registered Options Principal Examination), which he obtained on December 16, 1980; Series 24 (General Securities Principal Examination), which he obtained on June 29, 1980; and Series 12 (NYSE Branch Manager Examination), which he obtained on May 23, 1974. He is currently not registered with any state or firm.

According to his BrokerCheck report, Robert Torcivia was recently sanctioned by FINRA and has been terminated from a former employer in connection to alleged rule violations.

In September 2018 FINRA sanctioned him in connection to allegations he “improperly accepted fiduciary and beneficiary designations” from three firm customers, all senior customers, in violation of firm policies, and failed to inform his supervisors of these listings or request their removal by the customers, in violation of firm policies, ultimately inheriting about $30,000 from one customer’s trust while his wife, who was also designated as beneficiary of another customer’s IRA, inherited about $133,000. He was issued a seven-month suspension and a fine of $10,000.

In 2015 he was terminated from his position at Ameriprise Financial Services in connection to allegations he violated firm policy by failing to disclose his fiduciary and beneficiary relationships with customers.

If you have lost money investing with Robert Torcivia, you may be entitled to recoup your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.