Mario E. Rivero Investigation
March 2022-Red Bank, New Jersey
We are investigating former Wells Fargo financial advisor Mario E. Rivero, Jr. According to FINRA records Mario Rivero discloses a recent bar from the securities industry by FINRA for converting funds of elderly clients .
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Mario E. Rivero Preyed Upon his Elderly and Vulnerable Clients
In 3/2022 the New Jersey Bureau of Securities revoked the agent and investment adviser registration of Mario E. Rivero and concluded that Rivero engaged in dishonest and unethical business practices in the securities business. The NJ regulator found that Rivero exploited the personal relationship with at least 4 of his senior Wells Fargo customers and convinced them to entrust him with at least $529,000, which Rivero used a majority of which for personal uses such as gambling at casinos, restaurant meals, car payments, or lost funds trading options. The NJ regulator also found that several of the victims were elderly, in their nineties with an 8th grade level of education and whose primary language is Spanish. NJ Bureau of Securities press release.
In 8/2021 FINRA permanently barred Mario Rivero from the securities industry to resolve allegations after he refused to provide information and documents requested by FINRA in connection with his former customers.
Have Information Helpful to our Investigation?
If you have information which you believe would be helpful to our investigation of Mario E. Rivero , we would appreciate if you would contact us at our office number below, or by email to RHR@dmrslaw.com.
¿Tiene Información útil para nuestra Investigación?
Si tiene información que cree que sería útil para nuestra investigación de Mario E. Rivero , le agradeceríamos que se comunicara con nosotros al número de nuestra oficina a continuación, o por correo electrónico a RHR@dmrslaw.com.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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