Miguel Rivera Jr., Formerly of Westpark Capital, Accused of Recommending Unsuitable Investments

Rivera allegedly recommended unsuitable investments to an elderly couple which resulted in significant losses.

Miguel Rivera Jr. (CRD#: 3060928) was registered as a broker with Westpark Capital from 2016 until 2018. Previously, Rivera was registered as a broker with Newport Coast Securities from 2015 until 2016.

Newport Coast Securities has since been expelled by FINRA. Earlier in his career, Rivera was registered as a broker with both Capital Growth Financial and Sterling Financial Investment Group, Inc. Both broker-dealers have since been expelled by FINRA.

A new FINRA complaint has recently been filed against Rivera and his former firm, Westpark Capital, alleging that Rivera recommended unsuitable investments to an elderly couple, who entrusted Rivera with their irreplaceable retirement savings.

Despite the clients’ investment objectives and risk assessment, Rivera invested in risky, speculative investments that eventually resulted in significant losses for the clients. Erez Law, who claimed to have filed the dispute, stated that Rivera purchased the investments without obtaining the clients’ approval, thus engaging in unauthorized trading. 

Rivera has four other disclosures on his BrokerCheck report. 

January 2013 Regulatory Judgment

• Status: Final
• Initiated By: Florida Office of Financial Regulation
• Allegations: Making a material false statement on the application for registration.
• Resolution: Order
• Sanctions: Denial
• Broker Comment: Florida administrative regulations require denial of any application containing even an immaterial, inadvertent and unintentional omission of any part of an applicant’s enforcement record to be disclosed. 

August 2007 Criminal Disposition

• Status: Final Disposition
• Charges: Felony driving while license suspended
• Disposition: Clerks withhold adjudication ordered by Broward Co Clerk of Court
• Broker Comment: I was stopped by police for making an improper turn. I was charged with driving with a suspended license, with knowledge. The officer charged erroneously as a felony. My attorney appeared in front of the Clerk of Court and obtained a Clerk’s Withhold Adjudication. I was not required to appear in court and was assessed a fine. 

January 1992 Criminal Disposition

• Status: Final Disposition
• Charges: 1. Obstr. justice/false information; 2. Obstruct police/fire; 3. Obstruct police/fire
• Charge Type: Misdemeanor
• Disposition: Obstruct justice/false info – withheld adjudication (time served); obstruct police/fire – nolle pros; obstruct police/fire – nolle pros. (documents attached)
• Broker Comment: I was driving while my license was suspended, I was pulled over for a traffic violation and gave the officer wrong address.

October 1990 Criminal Disposition

• Status: Final Disposition
• Charges: Aggravated battery on a law enforcement officer and resisting officer with violence to his person; Count 1) battery on law enforcement officer; Count 2) resisting officer with violence to his person.
• Charge Type: Felony
• Disposition: Adjudication withheld. Probation status modified on 11/12/91 and completed at that time as well. Pleaded nolo contendere; sentence 1 year probation.
• Broker Comment: At Denny’s with a friend, I left my wallet in the car, my friend stayed inside while I went to get my wallet. The off-duty officer outside pushed me from behind and said he would escort me to the car. I told him I spoke with the manager and started walking and he tackled me.

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Miguel Rivera Jr. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.