Bob Lorente Allegedly Sold Unsuitable REITs

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Bob Lorente (CRD# 1425180), formerly a broker registered with Aurora Securities, is involved in an investor dispute alleging that his advice led to six-figure damages. MDF Law is investigating the former Livonia, Michigan-based financial professional for similar conduct. We urge investors with concerns to contact us as soon as possible for a free consultation.

To learn more about the allegations against Mr. Lorente, continue reading. The following post is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) record accessed on November 29, 2023. 

REIT Dispute Seeks 6-Figure Damages

On May 26, 2023, an investor filed a dispute alleging that Mr. Lorente recommended unsuitable real estate investment trusts (REITs). The claimant alleged additionally that he was negligent, misrepresented and omitted material information, breached contract, and breached his fiduciary duty. The dispute, which remains pending, seeks $250,000 in damages.

Past Dispute Alleged Negligence, Misrepresentations

The above-described investor dispute is not the only one in Mr. Lorente’s BrokerCheck record. On April 8, 2021, another investor or party of investors filed a dispute alleging negligence, misrepresentations and omissions, and breach of contract relating to a real estate investment. In January 2022 his former member firm settled the claim for $12,000.

What Is the Fiduciary Standard?

In 2019 the Securities and Exchange Commission (SEC) published guidance elucidating its interpretation of the fiduciary standard for investment advisers. According to the SEC, the standard includes several duties. For one, advisers owe their clients a duty of care to offer advice in the client’s  best interests, based on a “reasonable understanding” of their objectives. Additional, advisers owe their clients a duty to seek best execution: in other words, to conduct securities trades in a manner that endeavors to maximize value for the client. On top of these, advisers owe their clients a duty of loyalty. This means they may not place their interests before the client’s, and that they must fully and fairly disclose any material facts affecting their relationship—for instance, any conflicts of interest that may impact their advice.

FINRA: Bob Lorente Last Based in Livonia, Michigan

Bob Lorente launched his career as a broker in 1985. That was the year he registered with Busch Financial Group, where he remained until the following year. Over the course of his career, he has worked at firms like Hamilton Investments, SII Investments, Cambridge Investment Research, and Great Point Capital. His most recent registration, with Aurora Securities’ office in Livonia, Michigan, began in August 2022 and ended in November 2023. Since departing Aurora, he has remained unregistered with any FINRA member firm. With 36 years of experience as a broker, he has completed one state securities law exam, two general industry/products exams, and five principal/supervisory exams.  

Fraud Complaints? Contact MDF Law

Did you lose money you couldn’t afford to lose on products recommended by Bob Lorente? You may have grounds to file a FINRA arbitration claim and seek the recovery of lost funds. Having recovered tens of millions of dollars for our clients, MDF Law takes cases on a contingency basis: you only pay a fee if you win. Call 800-767-8040 for a free consultation with our team today.

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