September 2018- Miami, FL
According to publicly available records Lorenzo Esteva (CRD#2170595) , a former stockbroker previously registered with Merrill Lynch , disclose a regulatory event, six prior and one currently pending customer disputes, and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In September 2017 Esteva was permanently barred from the securities industry by FINRA. Esteva consented to the sanction and to the entry of findings that he failed to produce FINRA-requested documents and information as part of an investigation into customer complaints that Esteva provided falsified account statements to a customer from 2001 to 2017 and that he improperly journaled funds between accounts of two unrelated customers.
In June of 2017, a USB Financial Services customer filed a complaint alleging that Esteva moved money out his account without permission. This case was settled for $16,600.
In July of 2016 a Merrill Lynch, Pierce, Fenner & Smith customer filed a complaint alleging the Esteva made unauthorized trades and made misrepresentations to the customer. The case was settled for $69,552 in 11/2016.
In currently pending FINRA case 18-0377 a customer of Merrill Lynch alleges that Esteva made unsuitable investment recommendations and is seeking damages of $2.5 million.
In June of 2017 Esteva was discharged from USB Financial Services after “he admitted providing a client with documents containing false account information. Further investigation found that Financial Advisor (i) provided at least one more client with documents containing false account information and (ii) improperly journaled money between unrelated client accounts.”
Lorenzo Esteva was with USB Financial Services from November of 2015 until June 2017. Before that, he was employed with Merrill Lynch, Pierce, Fenner & Smith from August of 1991 until November of 2015.
If you have losses in an account handled by Lorenzo Esteva, contact us for a no charge consultation to learn how you may be able to recover damages.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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