Lorenzo C. Esteva, of Miami, Florida, a stockbroker registered with UBS Financial Services, Inc., was terminated from employment on June 6, 2017, based upon allegations that he confessed to furnishing bogus account information to customers in the course of the firm’s investigation into his business activities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Esteva has been identified in four customer initiated investment related disputes containing allegations of his misconduct while employed with UBS Financial Services, Inc. and Merrill Lynch, Pierce, Fenner & Smith. Specifically, on December 7, 2005, a customer filed an investment related written complaint involving Esteva’s conduct, in which the customer requested $500,000.00 in damages based upon allegations that Esteva made misrepresentations to the customer and effected unauthorized and unsuitable foreign debt trades in the customer’s account.
Subsequently, on November 4, 2016, a customer initiated investment related written complaint regarding Esteva’s activities was resolved for $69,552.00 in damages based upon allegations that between December of 2010 and November of 2015, Esteva made misrepresentations to the customer concerning over-the-counter equities and placed unauthorized trades. Moreover, on June 12, 2017, a customer filed an investment related written complaint involving Esteva’s conduct, supported by allegations that between January of 2001 and May of 2016, Esteva disseminated fake account documents to the customer.
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