Investors possibly experienced losses because of securities broker Ariel A. Rivero [CRD: 4236679, Coral Gables, Florida], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Notably, Ariel Rivero joined Insigneo Securities LLC on December 16, 2021, and Insigneo Advisory Services LLC on December 22, 2021. Previously, he worked for Leucadia Asset Management LLC from June 10, 2016, to January 18, 2022, and Jefferies LLC from May 13, 2016, to January 18, 2022. Here’s more about the disclosures concerning Ariel Rivero.
FINRA Sanctioned Rivero For Infractions
Particularly, on May 13, 2024, FINRA issued Case: 2021072830601 sanctioning Ariel Rivero for infractions. Specifically, Rivero was fined $15,000 and suspended for six months.
FINRA reviewed Rivero's activities between November 2020 and January 2022, finding that he used WhatsApp to exchange hundreds of securities-related messages with six firm clients. These messages included attempts to resolve a client complaint, obtaining approvals to sell and buy stocks, and discussions about investment performance. Rivero supposedly confirmed that he did not use unapproved messaging services for business communications. As a result, Jefferies LLC, the firm he worked for at the time, did not preserve these communications as required, leading to violations of FINRA Rules 4511 and 2010.
Also, in December 2020, Rivero allegedly borrowed $500,000 from a client without notifying or obtaining approval from Jefferies, violating FINRA Rules 2010 and 3240.
Further, in April 2021, Rivero reportedly attempted to settle a client complaint without his firm's knowledge. The client complained about losses from investments in non-traditional exchange-traded funds. Rivero offered to reimburse the client over $300,000 in monthly installments via WhatsApp. However, he did not disclose the complaint or settlement attempt to Jefferies. The client eventually filed an arbitration claim against Rivero and the firm.
Jefferies LLC Investor Accused Ariel Rivero Of Breach Of Fiduciary Duty
Also, a Jefferies LLC client filed FINRA Arbitration: Case No. 21-00512 about Ariel Rivero. The client alleged that Rivero breached his fiduciary duties by misrepresenting the risks related to two outside investments. Because of this, the client allegedly sustained damages by investing in LMS Investments LLC and Octagon SA. As a result, on April July 7, 2023, Jefferies LLC opted to settle the matter by compensating the client $150,000 in damages.
Jefferies LLC Investor Accused Rivero Of Unsuitable Trading
Additionally, a Jefferies LLC client filed FINRA Arbitration: Case No. 21-02298 about Ariel Rivero. The client alleged that Rivero breached his fiduciary duties by unauthorized use of funds, placing the client into risky and unsuitable investments. The client also alleged supervisory failures. Because of this, the client allegedly sustained damages on ETFs and options. So, on December 2, 2021, Jefferies LLC settled this matter by paying the client $260,000 in damages.
Suffer Losses Because Of Securities Broker Ariel Rivero?
Have you experienced losses because of any sales practice violation by financial advisor / securities broker Ariel Rivero? If so, get in touch with Soreide Law Group online or at (888) 760-6552 so you can talk to a securities attorney about a potential recovery of your investment losses. Soreide Law Group has recovered losses for many clients in the US, works on a contingency fee basis, and advances all costs. Rivero and brokerage firms Rivero worked for deny any allegations of sales practice violations. Contact Soreide Law Group.