California Securities Fraud Attorney Call Today 800-699-1881
California Securities Fraud Lawyer Firm Overview Attorney Profiles Recoveries Obtained Frequently Asked Questions Testimonials Contact Us
information center
Attorney Advertising Disclaimer
Securities
Broker Misrepresentation
Brokerage Firms Sued
FINRA
Structured Products
Hedge Fund Losses
Recognizing Investment Losses
Recovery of Investment Loss
Securities Arbitration
Reverse Convertible
Misconduct
Securities Fraud
Securities Mediation
Securities Litigation
Stock/ Investment Losses
Suitability/ Unsuitability
Unauthorized Trading
Common Claims
Products
Frequently Asked Questions
Attorney Referrals
Video Center
securities fraud blog
legal blog Click here for a free case evaluation. Read our Articles on Securities Related Issues here. have a question resources
contact us
Name:
Email:
Phone:
Are you a new client?
Message:
10 Avvo avvo badge
If you need help recovering your losses contact us today. View our complete list of brokerage firms and banks we've sued.

Robert Torcivia Disciplined Over Beneficiary Designations, Inheriting Money from Clients

FINRA fined and suspended former Ameriprise Financial Services and Moors & Cabot, Inc broker Robert Charles Torcivia for improperly accepting and failing to disclose fiduciary and beneficiary designations from multiple elderly customers, ultimately inheriting over $160,000 from the IRA and trust accounts.

AWC #2015044686701

According to the findings, Torcivia (CRD #700880)'s misconduct began in December 2007, when he first accepted the designation of successor agent on a senior citizen customer's health care Power of Attorney without notifying his firm, Wells Fargo Advisors of Surprise, Arizona.

Though FINRA's report states that Torcivia was friendly with the senior citizens with whom he and his wife received beneficiary designations, Wells Fargo in May 2018 released the Wells Fargo Elder Needs Survey, finding that two-thirds of financial crimes against the elderly are committed by 'trusted individuals.'

Partially for this reason, many firms require its representatives disclose fiduciary and beneficiary designations, such as being named a successor agent or a beneficiary in a client's retirement account or trust, while other firms outright prohibit beneficiary relationships.

For instance, FINRA in 2016 barred Edward Jones broker Kory Penland Keath for failing to report such a beneficiary relationship when Keath had requested that a 90-year-old client add Keath's own daughter and grandson as beneficiaries to the elderly customer's trust, placing the Keaths in a position to inherit about 25% of the client's estate.

Having failed to inform Wells Fargo of this relationship, Torcivia subsequently joined Ameriprise Financial, where he similarly failed to disclose his fiduciary designations and attorney-in-fact roles, and furthermore answered multiple compliance questionnaires by inaccurately stating that he had not been named in a fiduciary capacity.

In 2015, Torcivia's wife, named as a sole beneficiary on one senior's Ameriprise IRA account, inherited $133,000 after that elderly customer passed away; Torcivia himself had inherited $30,000 from another trust in which Torcivia had been designated as a beneficiary, all without Ameriprise's knowledge and in contravention of firm policy.

When Ameriprise did finally discover these fiduciary and beneficiary relationships shortly thereafter, the firm terminated Torcivia for failing to disclose them, upon which time Torcivia joined Moors & Capot, where he remained until September 2018.

If you or a loved one has invested with Robert Charles Torcivia or with any broker or financial adviser who has improperly encouraged or pressured you or an elderly loved one to designate them as a beneficiary, which entitled the representative to inherit a portion of an account, trust, or estate, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

accolades
The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
Website: