Robert Charles Torcivia Suspended and Fined by FINRA for Improper Fiduciary and Beneficiary Designations

Without admitting or denying the findings, FINRA issued an AWC suspending Robert Charles Torcivia of Glendale, Arizona, (CRD #700880) from association with any FINRA member in all capacities for seven months and fined him $10K.

According to the FINRA complaint, “Torcivia consented to the sanctions and to the entry of findings that he improperly accepted fiduciary and beneficiary designations from three separate senior customers contrary to his member firms’ policies. The findings stated that Torcivia was a designated fiduciary on one health care Power of Attorney (POA) for one customer and two health care POAs for a second customer. Torcivia’s wife was also designated as a beneficiary on the IRA of the second customer, and he was designated as a beneficiary on a trust established by a third customer. Torcivia failed to inform his firm supervisors of these beneficiary listings, and did not request that the customers remove these beneficiary listings, as required by relevant firm policies. Ultimately, Torcivia’s wife inherited approximately $133,000 from the second customer’s IRA, and he inherited approximately $30,000 from the third customer’s trust. The findings also stated that Torcivia inaccurately represented that he was not named in a fiduciary capacity on compliance attestation forms he submitted to one of the firms. The suspension is in effect from October 1, 2018, through April 30, 2019.” (FINRA Case #2015044686701)

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Financial Industry Regulatory Authority, Inc. (FINRA) is an independent, non-governmental regulator who oversees the people and firms that sell stocks, bonds, mutual funds and other securities to the public in the United States. They are authorized by Congress to protect investors. They do this by making sure the securities industry operates fairly and honestly with the public.

If you have invested with Robert Charles Torcivia and believe you or your investment interests have been harmed, call Arizona Securities and Investment Fraud attorney Anthony Bingham at 480.832.1922. You may have a limited window to file your complaint, so we encourage you to contact Bingham Law today.