FINRA Suspends Ex-First Southern Securities Broker

New Customer Dispute Seeks $250K in Damages

Ex-Puerto Rico stockbroker, Jaime Isaac Sanchez Rivera, was recently fired by First Southern Securities. The termination came in the wake of allegations that he didn’t notify the broker-dealer about a customer complaint right away, as well as accusations of copying and modifying documents without permission. Sanchez Rivera also was recently named in a $250K customer complaint.

In June, the Financial Industry Regulatory Authority’s (FINRA) indefinite suspension of Sanchez Rivera went into effect. The suspended stockbroker also is a former registered investment advisor, most recently with SB Advisory and FSAM, LLC.

Our Puerto Rico broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are investigating customer complaints involving Jaime Isaac Sanchez Rivera. Contact our law firm today.

Former First Southern Securities Broker Accused of Falsifying Documents, Unsuitability, Unauthorized Margin Use

In the latest customer dispute filed in securities arbitration, the claimant contends that Sanchez Rivera falsified documents to reflect ownership in a fund. Now, the investor is seeking $250K in damages. A previous FINRA arbitration claim naming Sanchez Rivera from 2017 and alleging unauthorized margin use and unsuitability was settled for $20K.

Over his eight years in the industry, Jaime Sanchez Rivera had been registered as a stockbroker at two other firms: Herbert J. Sims & Co. and RD Capital Group.

Securities Fraud Lawyers Fighting for Investors in Puerto Rico

Throughout the United States and in Puerto Rico, SSEK Law Firm represents investors in FINRA arbitration, litigation, and mediation to help them recover the losses they sustained because of brokers and their firms.

We handle all kinds of investment fraud claims including those involving:

Unsuitability
Margin account abuse
Churning
Negligence
Overconcentration
Unauthorized trading
Failure to execute trades
Breach of contract
Breach of fiduciary duty
Misrepresentations and omissions
Failure to supervise

If you suspect your investment losses are due to broker fraud or negligence, it is important that you speak with an experienced securities law firm right away. SSEK Law Firm’s office in Puerto Rico has been working with investors for many years. This has included successfully pursuing Puerto Rico bond fraud claims against the broker-dealers who sold the territory’s bond funds and closed-end bond funds to thousands of retail investors.

Unfortunately, every year, there are investors who find that they’ve suffered unnecessary financial losses because a broker or investment adviser mismanaged or misappropriated their funds. Brokerage firms can be held liable for these losses if their failure to properly supervise their registered representatives allowed this financial harm to occur.

Puerto Rico Securities Law Firm

If you worked with ex-First Southern Securities advisor, Jaime Sanchez Rivera, SSEK Law Firm can help you determine whether you have grounds for a FINRA arbitration claim. Your first consultation with us is a free, no-obligation case assessment.

Our investment fraud attorneys have spent 30 years recovering many millions of dollars on behalf of thousands of investors. Call 800-259-9010 or contact us online.