Our firm is investigating Morgan Stanley broker and investment adviser representative Ruben Benharrouch (CRD# 5992378) of Aventura, Florida for potential investment-related misconduct.
Financial Advisor’s Career History
Ruben Benharrouch is currently registered with Morgan Stanley as both a broker and investment adviser representative. According to his FINRA BrokerCheck report, he has been registered with Morgan Stanley since January 14, 2022, and works from the firm’s office at 20807 Biscayne Boulevard, 5th & 6th Floor, Aventura, Florida 33180.
Current Registration at Morgan Stanley
Benharrouch is registered through Morgan Stanley, CRD# 149777. His current securities registrations include FINRA, NYSE American LLC, Nasdaq Stock Market, and the New York Stock Exchange as a General Securities Representative. BrokerCheck also reports that he is licensed in 22 U.S. states and territories and has passed the Series 7, Series 66, and Securities Industry Essentials exams.
Prior Registration and Employment History
Before joining Morgan Stanley, Benharrouch was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, CRD# 7691. His BrokerCheck registration history reports Merrill Lynch broker registration from December 2011 to January 2022 and investment adviser representative registration from January 2012 to January 2022.
His reported employment history includes:
- Morgan Stanley Private Bank, N.A. — Financial Advisor — February 2022 to Present — New York, New York
- Morgan Stanley Smith Barney LLC — Financial Advisor — January 2022 to Present — Aventura, Florida
- Bank of America, N.A. — Financial Advisor — January 2012 to January 2022 — Delray Beach, Florida
- Merrill Lynch, Pierce, Fenner & Smith Incorporated — Financial Advisor — September 2011 to January 2022 — Delray Beach, Florida
Ruben Benharrouch Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reports one customer dispute involving Ruben Benharrouch. The disclosure is currently listed as pending. Because the matter is pending, the allegations have not been proven, and the complaint may ultimately be denied, withdrawn, dismissed, resolved in favor of the broker, or settled without any admission or finding of wrongdoing.
The pending customer complaint alleges that, while Benharrouch was associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, a client was misrepresented certain private equity investments. The alleged activity period is November 2018 through January 2022. The product type is listed as “Other: Private Securities.” The complaint was received on March 12, 2026.
BrokerCheck lists the alleged damages as $0.00, but the report also states that damages are not specified. The complaint is identified as a written complaint, not an oral complaint, and BrokerCheck states that it is not an arbitration, CFTC reparation, or civil litigation matter.
FINRA Disclosure Summary
- Customer Dispute — Pending
Action: Customer complaint
Reporting Source: Firm and Broker
Firm at Time of Alleged Activity: Merrill Lynch, Pierce, Fenner & Smith Incorporated
Allegations: Client alleges misrepresentation of certain private equity investments from November 2018 through January 2022
Product Type: Private securities
Date Complaint Received: March 12, 2026
Disposition: Pending
Alleged Damages: Listed as $0.00; damages are not specified
Oral Complaint: No
Written Complaint: Yes
Arbitration/CFTC Reparation/Civil Litigation: No
Settlement Amount: Not reported
Individual Contribution Amount: Not reported
To obtain a copy of Ruben Benharrouch’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2020 prohibits the use of manipulative, deceptive, or fraudulent devices in connection with securities transactions. In the context of Benharrouch’s pending customer complaint, this rule is relevant because the customer alleges misrepresentation of private equity investments. If a broker misstates or omits material facts about a private securities investment, including its risks, liquidity restrictions, valuation issues, conflicts, fees, or expected performance, that type of alleged conduct may raise concerns under Rule 2020.
FINRA Rule 2111 is the suitability rule and generally requires a broker to have a reasonable basis to believe that a recommended securities transaction or investment strategy is suitable for the customer based on the customer’s investment profile. In a private equity or private securities complaint, suitability issues may include whether the investment matched the investor’s objectives, risk tolerance, liquidity needs, time horizon, financial situation, investment experience, and portfolio concentration. If Benharrouch recommended private equity investments that were allegedly misrepresented or inappropriate for the customer, Rule 2111 may be relevant to the analysis.
FINRA Rule 2010 requires brokers and brokerage firms to observe high standards of commercial honor and just and equitable principles of trade. This broad ethical rule may apply when alleged sales-practice misconduct involves misrepresentation, incomplete disclosure, or unfair dealing with a customer. In Benharrouch’s case, the pending complaint involving alleged misrepresentation of private equity investments may implicate Rule 2010 if the facts show that the customer was not treated fairly or was not given accurate and balanced information before investing.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.