Were you the victim of former Jefferies LLC broker Ariel Rivero (CRD# 4236679), who is accused of unsuitable investment recommendations? Ariel Rivero has been registered with Insigneo Securities, LLC in Miami, Florida, since 2021. 

Previously, he was registered with Jefferies LLC in Miami, Florida and with Leucadia Asset Management LLC in Miami, Florida from 2016 to 2022, as well as the following brokerage firms in recent years: 

• Oppenheimer & Co. Inc. in Miami, Florida, from 2015 to 2016
• Morgan Stanley in Boca Raton, Florida, from 2013 to 2015
• Morgan Stanley in Boca Raton, Florida, from 2013 to 2015
• Merrill Lynch, Pierce, Fenner & Smith Incorporated in Fort Lauderdale, Florida, from 2001 to 2013

In May 2024, he was suspended for six months and sanctioned to pay a $15,000 civil and administrative penalty and fine after he consented to the sanctions that he “used WhatsApp Messenger to communicate with firm customers about securities-related business causing his member firm to maintain incomplete books and records.” FINRA found that he messaged clients regarding “obtaining authorization to buy and sell stocks, discussions about account performance, and discussions related to the customer complaint and customer loan discussed below.” FINRA also found that he borrowed $500,000 from a customer without obtaining written approval.

Ariel Rivero Faces Suitability Complaint

Ariel Rivero has been the subject of two customer complaints between 2021 and 2022, according to his CRD report:

April 2022. “Claimants allege that the respondents breached their fiduciary duties by recommending, failing to supervise the recommendation of, and misrepresenting the risks and facts related to two unsuitable outside investments. Respondents deny all allegations contained in the Statement of Claim.” The customer sought $999,999 in damages, and the case was settled for $150,000. The complaint took place while he was registered with Jefferies LLC, and it was regarding outside investments in Octagon, S.A. and LMS Investments LLC. 

September 2021. “Client alleges breaches of fiduciary duties by placing Claimant into unsuitable and risky investments; unauthorized use of client funds; and failure to supervise and to maintain adequate system of supervision. Time Period: Late 2020 to present.” The customer sought $390,000 in damages, and the case was settled for $260,000. The complaint was regarding options and exchange traded funds (ETFs), which occurred while he was registered with Jefferies LLC. 

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Jefferies LLC may be liable for investment or other losses suffered by Ariel Rivero’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.