Ariel A. Rivero (CRD #4236679, Miami, Florida)

May 13, 2024 – An AWC was issued in which Rivero was fined $15,000 and suspended from association with any FINRA member in all capacities for six months. Without admitting or denying the findings, Rivero consented to the sanctions and to the entry of findings that he caused his member firm to maintain incomplete books and records by using an instant messaging application to communicate with firm customers regarding securities-related business. The findings stated that the instant messaging application was not an approved channel for electronic communications with customers, and as a result, the firm did not capture or maintain these communications. The messages included, among other things, obtaining authorization to buy and sell stocks, discussions about account performance, and discussions related to a customer complaint and a customer loan. In addition, Rivero falsely attested that he did not use unapproved messaging services for businessrelated communications. The findings also stated that Rivero borrowed $500,000 from a firm customer without providing prior written notice to, or obtaining written approval from, the firm. The customer was not an immediate family member or a financial institution. Rivero has repaid the customer more than half of the amount he borrowed and he is current on his payments on the loan. 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 in his account from investments in non-traditional exchange traded funds. Rivero offered, via the instant messaging application, 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 his 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 the firm and Rivero. The firm later settled the customer’s complaint. The suspension is in effect from June 3, 2024, through December 2, 2024. (FINRA Case #2021072830601) If you have suffered losses as a result of Ariel A. Rivero's act and/or actions we would like to hear from you. We are currently investigating claims on behalf of clients who have suffered significant losses in their portfolios that are managed by Ariel A. Rivero. The Schwartz Law Firm represents investors in claims against financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-618-0545 or email Matthew Schwartz directly at mschwartz@tslfirm.com.