Miami Broker Who Falsified Account Statements Barred From the Securities Industry
Recently, the Financial Industry Regulatory Authority (FINRA) reported that registered broker Lorenzo C. Esteva (CRD#: 2170595) has been permanently barred from the securities industry. Mr. Esteva was most recently employed at the Miami office of Merrill Lynch (1991-2015) and the Miami office of UBS Financial Services (2015-2017).
In the past two years, at least seven different customer complaints have been filed against this financial advisor. While most of these complaints are still pending, FINRA has taken action to permanently ban this broker from the industry because he has declined to cooperate with investigators. Our Miami financial advisor fraud attorneys discuss the complaints against Lorenzo C. Esteva.
Customer Complaints: Lorenzo C. Esteva
Six of the seven complaints against Miami securities broker Lorenzo C. Esteva were filed in the last six months. Some of the most notable investor complaints are as follows:
- In July of 2016, a customer accused Mr. Esteva of conducting unauthorized transactions on his brokerage account. The claim was settled for $69,552.00.
- In June of 2017, a customer was allegedly provided with false account statements by Mr. Esteva. According to the complaint, this misconduct occurred between 2001 and 2017.
- In June of 2017, an investor accused Mr. Esteva of unlawfully transferring more than $15,000 out of his account to an unrelated account.
- In September of 2017, three different investors filed complaints charging Mr. Esteva with making unsuitable investment recommendations. These claims are all currently pending with FINRA.
The Failure to Cooperate With a FINRA Investigation
To protect individual investors along with the integrity of the entire securities industry, registered brokers have a professional duty to cooperate with any and all FINRA investigation. Under FINRA Rule 8210, the organization’s Department of Enforcement has the legal authority to compel brokers to give testimony under oath. Additionally, FINRA also has the legal authority to require brokers to turn over relevant documents in the course of an investigation.
Unfortunately, it has become clear that Lorenzo C. Esteva will not comply with the investigation into his alleged misconduct. Mr. Esteva has refused to give testimony to FINRA and he has declined to produce the requested documents. This is a major red flag for the investors who worked with this securities representative. While all people are innocent until proven guilty, it is a major breach of trust to slow down an investigation. Due to his failure to cooperate with FINRA, Mr. Esteva has been permanently barred from the securities industry and may not associate with any registered broker dealer going forward.
Contact Our Miami Investment Fraud Lawyers Today
At Carlson & Associates, P.A., our Florida securities fraud lawyers have held many brokers and brokerage firms accountable for their misconduct. If you sustained investment losses due to the negligence or fraud of your financial advisor, please call us today at 1-(305)-372-9700. Our legal team will comprehensively review your claim and determine exactly what needs to be done to get your full financial compensation.