Former Miami Financial Advisor Lorena Esteva Barred by FINRA
Posted on Wednesday, September 27th, 2017 at 1:12 pm
Erez Law is currently investigating former UBS Financial Services Inc. financial advisor Lorena Esteva (CRD# 2170595) regarding unauthorized trading, an unapproved customer credit line, and misrepresentation. Esteva was registered with UBS Financial Services Inc. in Miami, Florida from November 2015 to July 2017, before he was terminated regarding, “Financial Advisor was discharged after he admitted providing a client with documents containing false account information. Further investigation found that Financial Advisor (i) provided at least one more client with documents containing false account information and (ii) improperly journaled money between unrelated client accounts.” Previously, Esteva was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Miami, Florida from 1991 to 2015.
In September 2017, FINRA barred Esteva after he consented to the sanction and to the entry of findings that he failed to produce FINRA-requested documents and information as part of an investigation into customer complaints that he provided falsified account statements to a customer from 2001 to 2017 and that he improperly journaled funds between accounts of two unrelated customers.
Esteva has been the subject of four customer complaints, one of which was denied, between 2016 and 2017, according to his CRD report:
June 2017. “Time Frame: Not Stated Client alleges they never gave permission to open a credit line. They state this matter has generated serious economic damage, uncertainty around more loans requested under our name ( without authorization), and the eventual falsification of documents and signature.”
June 2017. “The Customer alleges that the Financial Advisor provided it with false account statements from January 2001 to May 2016.”
July 2016. “The customer alleges unauthorized trading and misrepresentation from December 2010 to November 2015.” The customer is seeking $69,552 in damages and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, UBS Financial Services Inc. may be liable for investment or other losses suffered by Esteva’s customers.
Erez Law represents investors in the United States for claims against former UBS Financial Services Inc. financial advisor Lorena Esteva, who is alleged to participate in unauthorized trading, an unapproved customer credit line, and misrepresentation. If you were a client of UBS Financial Services Inc. or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.