Robert Estevez—Recommending Unsuitable Transactions
Robert Estevez Allegedly Recommended Unsuitable Steepener Transactions in Customer Accounts
Robert Estevez allegedly recommended unsuitable steepener transactions in customer accounts, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).
Steepener accounts involve highly leveraged purchases of short-term bonds and bearish bets on long-term bonds with the hope that the difference between the yields on short-term and long-term bonds will widen and produce profits.
The Peiffer Rosca Wolf securities lawyers are currently investigating Robert Estevez’s alleged recommended unsuitable steepener transactions.
Robert Estevez Suspended and Fined $20,000 by FINRA for Allegedly Recommending Unsuitable Steepener Transactions
Robert Estevez, from May 2011 through Sept 2012, allegedly recommended 25 short-term steepener transactions for 19 customers, according to the aforementioned AWC currently under review by attorneys Alan Rosca and James Booker.
Estevez allegedly recommended the aforementioned products as part of a so-called active, short-term trading strategy, the AWC notes. This alleged short-term trading strategy was deemed unsuitable by FINRA, and purportedly resulted in an aggregate of about $24,000 in customer losses, the AWC further alleges.
Based on the aforementioned behavior, Estevez allegedly violated FINRA Rules and hence has been fined $20,000 and suspended by FINRA, the AWC reports. One should also note that, according to the AWC, Robert Estevez neither admitted nor denied the FINRA findings
Securities Lawyers Investigating
The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged securities fraud scams and are currently investigating Robert Estevez alleged recommendation of unsuitable steepener transactions. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Robert Estevez’s alleged recommendation of unsuitable steepener transactions may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520.