Securities Arbitration Lawyer Blog
FINRA has barred former Wells Fargo broker Mario Rivero, Jr. from the securities industry for failing to cooperate with a FINRA investigation into allegations made by two former customers.
If you have lost money with Mario Rivero, Jr., Wells Fargo, or LPL Financial LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
FINRA Letter of Acceptance, Waiver, and Consent
Mario Rivero, Jr. and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on June 4, 2021. Rivero, Jr. was registered with Wells Fargo until October 1, 2020, when the firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) stating that Rivero, Jr. had voluntarily resigned.
On April 22, 2021, Wells Fargo filed an amended Form U5, which stated that it had initiated an internal review concerning allegations made by two of Rivero, Jr.’s former customers.
On May 3, 2021, pursuant to FINRA Rule 8210, FINRA requested that Rivero, Jr. provide documents and information in connection with FINRA’s investigation of the allegations made by the two former customers.
On May 18, 2021, Rivero, Jr. acknowledged receipt of FINRA’s request and indicated that he would not produce the information or documents requested at any time.
By refusing FINRA’s request to produce the information and documents pursuant to FINRA Rule 8210, Rivero, Jr. violated FINRA Rules 8210 and 2010. Accordingly, he was barred from associating with any FINRA member in all capacities.
FINRA Rules 8210 and 2010
FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may require a person subject to FINRA’s jurisdiction “to provide information orally, in writing, or electronically . . . with respect to any matter involved in [a FINRA] investigation[.]” FINRA Rule 8210(c) further states that “[n]o . . . person shall fail to provide information . . . pursuant to this Rule.”
A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”
Mario Rivero, Jr. (CRD#: 5856503)
Rivero, Jr. has 10 years of experience in the securities industry and had been registered as a broker with LPL Financial LLC in Fort Mill, SC from September 28, 2020, through June 4, 2020. He was previously registered with Wells Fargo Clearing Services, LLC in Elizabeth, NJ between December 2, 2010, and October 1, 2020.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Mario Rivero, Jr., Wells Fargo, or LPL Financial LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.