Robert Estevez of Greenwich Connecticut a stockbroker formerly registered with Investors Capital Corp. is referenced in a customer initiated investment related arbitration claim which was resolved for $400,000.00 in damages founded on allegations that (1) misrepresentations had been made to the customer by Estevez concerning the customer’s equity investments (2) stock trades placed by Estevez in the customer’s account were not suitable for the customer and caused the customer’s assets to be over-concentrated in speculative investments and (3) the customer’s account had been churned by Estevez through his excessive stock trading. FINRA Arbitration No. 17-00527 (June 15, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Estevez has been identified in four additional customer initiated investment related disputes containing accusations of his violative conduct while employed with Investors Capital Corporation. In particular, a customer filed an investment related complaint regarding Estevez’s activities where the customer sought $80,000.00 in damages based upon allegations of excessive commissions being charged on investments, and the customer’s over the counter equities and corporate debt investments poorly performing.
Then, a customer filed an investment related complaint involving Estevez’s conduct in which the customer requested $13,936.00 in damages supported by accusations that over the counter equities and corporate debt trades were inappropriate for the customer; and the customer’s holdings had been liquidated without the customer’s permission. On February 1, 2016, another customer filed an investment related complaint concerning Estevez’s activities where the customer sought damages estimated to exceed $5,000.00 founded on allegations that the customer was inappropriately placed into investments which failed to provide principal protection to the customer. Moreover, Estevez is the subject of a customer initiated investment related complaint on July 22, 2016 in which the customer requested damages estimated to exceed $5,000.00 based upon accusations of the customer being placed in corporate debt investments which were inappropriate for the customer given the customer’s investment goals or risk tolerance.
FINRA Public Disclosure additionally confirms that Estevez has been fined $20,000.00 and suspended for two years from associating with any FINRA member in any capacity based upon consenting to findings that Estevez advised customers to buy steepeners – complex, structured products – within an investment strategy built on short-term trading, resulting in the customers incurring $24,000.00 in losses. Letter of Acceptance Waiver and Consent No. 2014040158902 (Sept. 16, 2016). FINRA found Estevez’s unsuitable recommendations to be violative of FINRA Rules 2010 and 2111 as well as National Association of Securities Dealers (NASD) Rule 2310.
Thereafter, Estevez’s stockbroker registration with Joseph Gunnar Co. LLC in the State of Michigan was denied by Michigan’s Department of Licensing and Regulatory Affairs Corporations, Securities and Licensing Bureau according to an Order based on findings including Estevez being sanctioned by FINRA for unsuitable investment recommendations; and Estevez being subject of a prior Cease and Desist Order issued by the State of New Hampshire for Estevez allegedly violating New Hampshire law and FINRA rules. Case No. 330900 (Aug. 15, 2017).
