Ariel Rivero: FINRA Sanctions Former Jeffries Advisor

Coral Gables, Florida financial advisor Ariel Rivero (CRD# 4236679) was recently sanctioned and suspended in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he is currently registered as a broker with Insigneo Securities and an investment advisor with Insigneo Advisory Services. He was previously registered with Jeffries.

A Letter of Acceptance, Waiver, and Consent (No. 2021072830601) issued in May 2024 describes FINRA’s disciplinary action against Mr. Rivero. As it explains, he received a loan from a customer without providing his firm with prior written notice or obtaining its written approval; the loan in question comprised a sum of $500,000 from a “long-time friend and customer,” of which he has repaid more than half. FINRA found further that in April 2021, when he received a complaint from a customer who was also his brother-in-law, concerning losses from ETF investments, he offered over WhatsApp “to reimburse the customer over $300,000 in monthly installments of $10,000 to resolve the complaint.” According to FINRA, he did not disclose this complaint to his member firm, Jeffries, and he also did not disclose his attempt to settle it. Finally, FINRA found that he improperly used WhatsApp for securities-related communications, in violation of firm procedures, thus causing his firm to fail to comply with its record-keeping violations, a violation of FINRA rules. In connection with these findings, FINRA issued Mr. Rivero a fine of $15,000 and a six-month suspension from associating with any FINRA member in all capacities.

Mr. Rivero’s BrokerCheck report discloses two investor complaints. The most recent, filed in 2022, alleged that as a representative of Jeffries, he breached his fiduciary duty, misrepresented material facts, and recommended unsuitable investments. In 2023 the complaint reached a settlement of $150,000.

An earlier investor complaint, filed in 2021, alleged that as a Jeffries representative, he recommended unsuitable and risky investments in options and ETFs, breached his fiduciary duty, and used client funds without authorization. In 2021 the complaint reached a settlement of $260,000.

According to the Financial Industry Regulatory Authority, Ariel Rivero holds 23 years of securities industry experience. Based in Coral Gables, Florida, he has been an Insigneo broker and investment advisor since 2021. His past registrations include Leucadia Asset Management, Jeffries, Oppenheimer & Company, Morgan Stanley, and Merrill Lynch. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in California, Florida, North Carolina, Puerto Rico, and South Carolina. (Information current as of May 14, 2024.)

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.