The Financial Industry Regulatory Authority (FINRA) has permanently barred
Lorenzo Esteva after he failed to provide documents in response to customer
complaints of investment fraud, falsified documents, misrepresentation
and unauthorized trading that occurred from 2001 until 2017.
While not admitting or denying the findings of the FINRA investigation,
Esteva consented to sanction and entry of findings that he failed to produce
the relevant documents.
Lorenzo Esteva (CRD# 2170595) was formerly with UBS Financial Services,
Inc. (UBS), but was terminated in June of this year. According to his
BrokerCheck report, UBS fired Esteva when he admitted providing a client
with documents containing false account information.
Esteva was with UBS from November 2015 until June of 2017 in Miami, Florida.
Prior to that, he was registered with Merrill Lynch, Pierce Fenner &
Two client disputes are currently pending against the now unregistered
Esteva. The two complaints were lodged in June of 2017 with allegations
that Esteva falsified account documents and opened up a line of credit
for a client without authorization.
According to his BrokerCheck report, one customer alleged that the unauthorized trading,
“generated serious economic damage, uncertainty around more loans
requested under our name (without authorization), and the eventual falsification
of documents and signature.”
Client authorization must be obtained by brokers before they proceed with
a trade on their client’s behalf. Unauthorized trading is both unlawful
A client who has evidence of unauthorized trading may be able to recover
monetary damages for investment losses due to the unauthorized trade.
If you or a loved one invested with Lorenzo Esteva, or if you suspect
another broker of unauthorized trading,
contact the experienced attorneys at Meyer Wilson to help recover any investment losses.