Lorenzo C. Esteva of Miami Florida a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $225,000.00 in damages supported by allegations that (1) omissions and unfounded statements had been made to the customer concerning the terms and conditions of investments and (2) unsuitable transactions were executed in the customer’s account when Esteva was associated with Merrill Lynch. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-00377 (Nov. 9, 2018).
FINRA Public Disclosure confirms that Esteva has been identified in seven more customer initiated investment related disputes that concern accusations of his violative conduct while employed by UBS Financial Services and Merrill Lynch. Specifically, on June 12, 2017, a customer filed an investment related complaint involving Esteva’s activities where the customer requested unspecified damages based upon allegations that the customer had been provided with falsified account documents from Esteva between 2001 and 2016.
Esteva is also referenced in a customer initiated investment related arbitration claim which was resolved for $16,600.00 in damages on September 6, 2017 based upon accusations that between January of 2017 and March of 2017, when Esteva was employed by UBS, the customer’s assets had been transferred to another account without the customer’s consent. Another customer filed an investment related complaint concerning Esteva’s conduct on June 20, 2017 in which the customer sought unspecified damages supported by allegations of Esteva’s creation of unauthorized loans and his falsification of the customer’s signature on documents.
On September 25, 2017, a customer filed an investment related complaint in regard to Esteva’s conduct where the customer requested more than $5,000.00 in damages based upon accusations of bad over-the-counter equities trades between 2016 and 2017 which led the customer to experience unwarranted losses. Also, Esteva is the subject of a customer initiated investment related written complaint on October 11, 2017 in which the customer sought unspecified damages based upon allegations of Esteva’s bad stock advice when he was employed by Merrill Lynch and UBS.
FINRA Public Disclosure additionally reveals that Esteva has been barred from associating with any FINRA member in any capacity founded on findings that he obstructed a FINRA investigation into allegations of: (1) customer complaints regarding his misconduct; (2) Esteva’s falsification of customer account documents between 2001 and 2017; and (3) Esteva’s unauthorized fund transfers. Letter of Acceptance Waiver and Consent No. 2017054827701 (Sept. 11, 2017). According to the AWC, Esteva was instructed by FINRA personnel to hand over information and documentation in response to the accusations but he failed to do so. FINRA found his conduct violative of FINRA Rules 2010 and 8210.
Esteva’s registration with Merrill Lynch ceased on November 20, 2015. He was employed by UBS Financial Services between November 17, 2015 and July 6, 2017 at which point he was discharged supported by allegations of him furnishing fake account documentation to customers and for making an unauthorized customer fund transfer.
