Finra bars recently fired UBS Miami broker

Lorenzo C. Esteva was fired earlier this summer for giving clients documents with false account information

Sep 13, 2017 @ 5:32 pm

By Bruce Kelly

+ Zoom

The Financial Industry Regulatory Authority Inc. has barred a broker that UBS Financial Services Inc. fired earlier this summer for giving clients documents with false account information.

The broker, Lorenzo C. Esteva, was based in Miami and was registered with UBS from November 2015 to this July, according to his BrokerCheck report. Prior to that, he worked for Merrill Lynch in Miami for 24 years.

Mr. Esteva failed to produce documents and information that Finra requested about the falsified account statements, resulting in his being barred from the securities industry, according to the settlement that was posted Monday on Finra's website. As part of the settlement, Mr. Esteva neither admitted to nor denied any of its findings.

A spokesman for UBS, Peter Stack, declined to comment. Mr. Esteva's attorney, Carl Schoeppl, did not return a call to comment.

Mr. Esteva "was discharged after he admitted providing a client with documents containing false account information," according to the BrokerCheck report. "Further investigation found that [he] (i) provided at least one more client with documents containing false account information and (ii) improperly journaled money between unrelated client accounts."

To journal money means to transfer money between accounts. Brokers must have explicit client permission to move money between customers' accounts.

Mr. Esteva has two pending customer disputes, according to his BrokerCheck report. In the first, a client alleges that he provided false account statements from January 2001 to May 2016, according to BrokerCheck. In the second, the client alleges Mr. Esteva was never given permission to open a credit line.

"This matter has generated serious economic damage, uncertainty around more loans requested under our name, and the eventual falsification of documents and signature," according to BrokerCheck.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

Picking your spots in emerging markets

Not all emerging markets are created equal. Ted Lucas of the Hartford Funds explains where the smart money is headed right now (and into the future.)

Video Spotlight

Are Your Clients Prepared For Market Downturns?

Sponsored by Prudential

Video Spotlight

Path to growth

Video Spotlight

Path to growth

Latest news & opinion

Top 10 financial firms ranked by investor satisfaction

Find out which firm took the top slot for overall investor satisfaction for the second year in a row.

What not to say to clients when the markets drop

Here's what advisers should steer clear of saying the next time stocks turn downward.

Nevada fiduciary law raises concerns among retirement professionals, brokerage industry

Critics complain that it conflicts with ERISA and SEC rules and has potential to spur other states to pass their own version of a fiduciary rule.

A special need for financial advice

Advisers don't have to be experts to help special needs families get a jump on lifelong planning.

Broker-dealers and RIAs at loggerheads over fiduciary rule delay

Companies and groups weighing in with comment letters have vastly different viewpoints on the delay's potential impact.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print