The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Lorenzo Esteva. According to his publicly available FINRA BrokerCheck report, Lorenzo Esteva has been the subject of multiple customer disputes.
Lorenzo Esteva was a Florida based securities broker. He worked in the securities industry for twenty-five years. During his career, he was registered with two different securities firms.
His Registrations
- Merrill Lynch (1991-2015)
- UBS Financial Services (2015-2017)
The Allegations
- In July 2016, a customer alleged that Lorenzo Esteva engaged in unauthorized trading and misrepresented material facts. This case was settled for $69,552 in damages.
- Lorenzo Esteva was discharged from his position at UBS Financial Services in June 2017. This followed allegations that he provided customers with false account information.
- In February 2018, a customer alleged that Lorenzo Esteva provided them with documentation inaccuracies, misrepresented and omitted material facts, and recommended unsuitable securities. This case was settled for $225,000 in damages.
Misrepresentation and Omission
Securities brokers, like Lorenzo Esteva, have a duty to their customers to disclose all relevant information associated with potential investments and to disclose that information honestly. When a securities broker leaves information out when pitching an investment to their customers, it is referred to as omission. When a securities broker communicates falsified information to their customers it is known as misrepresentation. These two allegations are very serious charges because it can cause investors to purchase securities that they would not have otherwise purchased had they known all the accurate information.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Lorenzo Esteva, please contact Oakes & Fosher for a free and private consultation.
