On March 14, 2022, Mario Rivero, Jr.’s had his registration revoked for elder fraud by the state of New Jersey was revoked. Mr. Rivero, a former Wells Fargo agent and investment advisor’s registration was revoked by the New Jersey Bureau of Securities due to misrepresentations he made to at least four of his Wells Fargo customers from January 1, 2018 through November 30, 2020. During that time he obtained over half a million dollars in cashier’s checks from his customers for his own personal use.
According to the NJ Bureau, Mr. Rivero convinced his elderly clients that he was going to invest their money in both his mother’s business and a friend’s business, but instead stole his investors’ money. Mr. Rivero took advantage of three of his friends with no ability to speak or read English and with diminished capacity. Mario Rivero took advantage of his and his family’s friendship with these three investors that spanned over a decade.
On October 1, 2020 Mario Rivero, Jr. was voluntarily terminated from his employment with Wells Fargo through the filing of the appropriate Form U5 termination of employment paperwork. On April 22, 2021, an amended Form U5 was filed by Wells Fargo changing the voluntary nature of his initial termination paperwork to state that Wells Fargo had initiate an internal review regarding the allegations made by to former customers for elderly fraud by Mario Rivero, Jr. Mr. Rivero failed to provide documents and information requested by FINRA in connection with FINRA’s investigation of allegations made by Rivero’s former customers.
Through his attorney, Mr. Rivero admitted to FINRA that he had received FINRA’s request for documents and information related to allegations made by his former clients and did not ever intend on cooperating with FINRA’s request for related documents or information.
On Mary 27, 2021, Mr. Rivero signed a Letter of Acceptance, Waiver, and Consent (“AWC”) acknowledging his refusal to provide documents and information to FINRA as is required by industry rules and consenting to FINRA sanctions. He has been permanently barred from associating with any FINRA member in all capacities including but not limited to clerical or ministerial functions.
“AWC” is an abbreviation for Letter of Acceptance, Waiver, and Consent. Following a FINRA Department of Enforcement investigation, an AWC may be issued when the investigation identifies a potential securities violation by a member or associated person. The member or associated person can participate in the process and respond to the allegations to clear their name.
The letter describes the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed. A member or associated person will sign the AWC when they choose not to dispute the alleged violation(s). An AWC may also be issued when the member or associated person chooses not to respond or fails to respond to the allegations.
The Department of Enforcement may prepare and request that the member or associated person sign the AWC accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member’s or associated person’s right to a hearing before a Hearing Panel or, if applicable, an Extended Hearing Panel, and any right of appeal.
FINRA Rule 8210(a)(1) mandates that a member firm and its associated persons are required to provide information related to a FINRA investigation. It is a violation of Rule 8210 to fail to comply with an investigation by failing to provide the requested information.
Any violation of FINRA Rule 8210 is an automatic violation of FINRA Rule 2010 which mandates that member firms and their associated persons must “observe high standards of commercial honor and just and equitable principles of trade.”
Thus, by intentionally refusing to comply with FINRA’s investigation, Mario Rivero, Jr. violated both FINRA Rules 8210 and 2010.
Former customers who have experienced theft or elder fraud at the hand of Mario Rivero, Jr. or who have information relating to the way he handled customer accounts, are encouraged to contact Lawrence L. Klayman, Esq., at 888-997-9956, and download our Special Investor Report.
KlaymanToskes is a leading national securities law firm practicing exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KlaymanToskes has recovered more than $230 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com