Ariel Rivero Has A Settled Investor Complaint – Suspended by FINRA
INSIGNEO ADVISORY SERVICES, LLC investment advisor, Ariel Rivero has a settled investor complaint and is suspended by FINRA.
ARIEL A RIVERO (CRD#: 4236679), a broker for INSIGNEO SECURITIES, LLC in Coral Gables, FL, has a recently settled investor complaint. According to Rivero’s FINRA BrokerCheck report, 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.
This claim was settled for $150,000.00.
Ariel Rivero was subsequently suspended by FINRA.
Rivero consented to the sanctions and to the entry of findings that he used WhatsApp Messenger to communicate with firm customers about securities-related business causing his member firm to maintain incomplete books and records. The findings stated that the messages included, among other things, obtaining authorization to buy and sell stocks, discussions about account performance, and discussions related to the customer complaint and customer loan discussed below. Rivero falsely attested that he did not use unapproved messaging services such as WhatsApp for business-related communications. The findings also stated that borrowed $500,000 from a firm customer without providing prior written notice or obtaining written approval from the firm. The customer was not an immediate family member or a financial institution. To date, Rivero has repaid the customer more than half of the amount he borrowed, and he is current on his payments on the loan. Rivero did not provide any notice, written or otherwise, to his firm about the loan, and he did not obtain approval to borrow the money. The findings also included that Rivero attempted to settle a customer complaint without notifying his firm. The customer, who was also Rivero’s former brother-in-law, complained to Rivero about losses from investments in non-traditional exchange traded funds. Rivero offered, via WhatsApp, to reimburse the customer over $300,000 in monthly installments of $10,000 to resolve the complaint. Rivero did not disclose to his firm the customer’s complaint or Rivero’s attempt to settle with the customer. However, Rivero did not reach a settlement agreement with the customer or make any payments to him. Ultimately, the customer filed an arbitration claim against Rivero and the firm, which later settle the complaint with the customer.
Ariel Rivero has a settled investor complaint.
Goodman & Nekvasil, P.A., is investigating brokers who may have unsuitably recommended investments to their clients.
St. Petersburg, Florida law firm Goodman & Nekvasil, P.A., has a national practice representing victimized investors. The firm continues to investigate brokerage firms that placed elderly retirees and other conservative investors in unsuitable investments.
Goodman & Nekvasil, P.A., has filed numerous cases against brokerage firms selling high-risk investments and has recovered more than $400 million dollars on behalf of victimized investors.
We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives.
There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee.
If you incurred losses on your investment and would like your case evaluated by a securities attorney, please contact us.
Some of the information in this blog post was obtained from FINRA on 5/16/24. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442.