Tucson financial advisor David Sherwood (CRD# 1024893) is involved in an investor complaint stemming from the allegedly negligent sale of...Read More
Leucadia Advisor Renato Estefano: Investor Complaint
Stamford, Connecticut financial advisor Renato Estefano (CRD# 5252944) recently received an investor complaint alleging damages of more than $1 million. Financial Industry Regulatory Authority records show that Mr. Estefano is a broker with Jefferies and an investment advisor with Leucadia Asset Management.
Mr. Estefano’s BrokerCheck report discloses one investor complaint. Filed in September 2022, it alleges that Jefferies permitted an advisor to “set up a risk profile that it did not approve” for the customers’ accounts, which then sustained losses. The complaint alleged damages of $1,362,165.80 and was denied by the firm.
A “Broker Statement” included in the complaint’s disclosure denies the allegations, stating that they are refuted by documentary evidence. “The clients executed new account paperwork that indicated that they had a speculative risk exposure and a capital appreciation investment objective,” the comment states. “Subsequently, Jefferies received an executed letter requesting that the accounts’ investment objective be changed from capital appreciation to speculation. This change was confirmed by Jefferies in writing to the clients. Jefferies denies responsibility for any losses in the clients’ accounts as the clients granted power of attorney to a RIA, who traded in the accounts.”
For reference, a complaint’s denial does not necessarily mean its allegations were without merit—simply that the recipient firm determined as much after its own review. Investors whose complaints are denied can still pursue a recovery through other venues, like FINRA arbitration proceedings.
According to the Financial Industry Regulatory Authority, Renato Estefano holds 15 years of securities industry experience. Based in Stamford, Connecticut, he has been a broker with Jefferies and an investment advisor with Leucadia Asset Management since 2012. His past registrations include Merrill Lynch (New York, New York; 2007-2012) and Citigroup Global Markets (New York, New York; 2006-2007). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; Securities Industry Essentials Examination; and the Uniform Combined State Law Examination, or Series 66. He holds 53 state licenses. (Information current as of October 19, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.