Securities Arbitration Lawyers BlogLorenzo C. Esteva, UBS Financial Services
Lorenzo C. Esteva
CRD#2170595
Silver Law Group is auditing former Miami, Florida-based UBS Financial Services broker Lorenzo C Esteva, after multiple customer allegations of unauthorized trading and misrepresentation.
According to FINRA’s BrokerCheck report on Esteva, a FINRA complaint alleging unauthorized trading and misrepresentation was filed in July 2016. The complaint was settled for $69,552 in November of 2016.
More recently a complaint against Esteva was filed in June of 2017, alleging that Esteva provided false account statements from 2001 to 2016 This complaint was based on Esteva’s time at Merrill Lynch and is currently pending FINRA arbitration.
In June of 2016, Esteva was discharged by UBS after an internal investigation into a customer complaint alleging Esteva provided a client with documents that contained false account information. Further investigation revealed at least one more client with false account information and Esteva improperly journaling money between unrelated client accounts.
Unauthorized trading occurs when a broker facilitates a transaction without the permission of the customer in a non-discretionary account. According to FINRA, it is one of the common investor issues along with misrepresentation, cold-calling, and unsuitability.
Unauthorized discretion is a serious form of broker misconduct. A broker’s employing firm is responsible for overseeing the broker to prevent such misconduct.
The misrepresentation or omission of material facts concerning investment recommendations by a brokerage firm and its representatives may be a cause of action in a FINRA arbitration claim for damages. There are two types of misrepresentations and omissions; those that are fraudulent and those that are negligent.
Misrepresentations often occur during the offering process or prior to investing in a particular product. Misrepresentation can vary in appearance and, if made intentionally, are often times made in order to induce an unwitting investor to invest. An example of a misrepresentation can include promises of high dividends or that the company of the underlying investment will go public in a year.
If proven, an intentional misrepresentation can have serious consequences, as it is a violation of Rule 10b-5 of the Securities Exchange Act of 1934.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading. The Silver Law Group works on a contingency fee basis, meaning you pay us nothing unless we recover money for you.
If you invested with Lorenzo C Esteva and UBS Financial Services and have lost money doing so, you may be able to recover some or all of your losses. We are experienced in recovering investor losses due to broker/brokerage firm misconduct and mismanagement through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll-free at (800) 975-4345.