Lorenzo C. Esteva of Miami , Florida, a stockbroker formerly registered with UBS Financial Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to provide FINRA with information and documentation in the course of FINRA’s investigation into allegations of Esteva’s misconduct referenced in customer complaints. Letter of Acceptance, Waiver and Consent, No. 2017054827701 (Sept. 11, 2017).
According to the AWC, FINRA was notified by UBS that Esteva was fired on June 6, 2017, based upon allegations that he placed unauthorized transactions involving a customer’s funds and furnished documents to them containing bogus account details. Subsequently, a letter was sent by FINRA to Esteva on July 25, 2017, requesting that he hand over brokerage and bank account statements, information about customer disputes, and other documents relevant to FINRA’s investigation into allegations of his misconduct. Esteva was apparently warned by FINRA that his failure to provide FINRA with the documentation and information requested could result in his bar.
The AWC stated that after FINRA granted Esteva an extension of time to cooperate, Esteva’s counsel reported to FINRA on August 22, 2017, that Esteva would not be providing the information and documentation requested or otherwise participating in FINRA’s investigation. Consequently, FINRA found that Esteva’s conduct was violative of FINRA Rules 2010 and 8210.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on June 12, 2017, a customer filed an investment related written complaint regarding Esteva’s activities, alleging that between 2001 and 2016, during which time Esteva was employed with Merrill Lynch and UBS Financial Services, he furnished account statements to the customer that were falsified. Esteva has also been named in a customer initiated investment related written complaint on June 20, 2017, in which the customer’s claim was supported by allegations that Esteva effected unauthorized loan transactions and falsified the customer’s signature and documentation.
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