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Former UBS Broker Lorenzo Esteva Barred during Investigation of Unauthorized Trading

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 & Smith Inc.

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.”

Unauthorized Trading

Client authorization must be obtained by brokers before they proceed with a trade on their client’s behalf. Unauthorized trading is both unlawful and unethical.

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.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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