Luis Jacob Alayo Riera, of Miami Beach, Florida, a stockbroker registered with Raymond James & Associates, was fired on December 22, 2016, based upon allegations that he failed to comply with the terms of an internal investigation into his activities involving the facilitation of investment activities away from Raymond James.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Riera has been subject of six customer initiated investment related disputes concerning accusations of his wrongdoing while he was associated with Citigroup Global Markets, Inc. and Morgan Stanley Smith Barney. Particularly, on September 21, 2010, a customer initiated investment related written complaint involving Riera’s conduct was settled for $15,600.00 in damages supported by accusations that Riera made misrepresentations to the customer in reference to the risks and returns of equity investments.
Thereafter, on June 26, 2012, a customer initiated investment related complaint regarding Riera’s activities was resolved for $51,353.70 in damages founded on allegations against Riera of unauthorized trading, misrepresentation, and suitability pertaining to the customer’s currency forwards transactions. Moreover, on December 11, 2012, a customer initiated investment related arbitration claim regarding Riera’s conduct was settled for $242,500.00 in damages grounded on allegations that Riera effected commodity futures transactions within the CitiFX program despite the transactions having been unsuitable for the customer.
Further, on April 8, 2014, a customer initiated investment related arbitration claim regarding Riera’s conduct was resolved for $131,000.00 in damages based upon accusations that he effected unsuitable futures transactions in the customer’s investment account. Then, on November 30, 2016, a customer filed an investment related arbitration claim involving Riera’s activities, founded on allegations including selling away, unjust enrichment, unsuitable investments, faulty due diligence, breach of fiduciary duty, breach of contract, negligence, misrepresentation, and violation of Securities Act of 1933.
Since April 26, 2017, Riera has been associated with IFS Securities.
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