Former Wells Fargo Agent and Investment Adviser Representative Stripped of Registration for Securities Law Violations

A former Wells Fargo agent and investment adviser representative has been stripped of his registration for violating New Jersey's securities laws. Mario E. Rivero, Jr. allegedly exploited personal relationships to gain access to the funds of Spanish-speaking family friends and other vulnerable elderly clients. Rivero convinced these clients that their money would be invested in his mother's and friend's businesses, but he used the majority of the funds for personal expenses, including gambling at casinos and car payments.

Key Takeaways:

• Mario E. Rivero, Jr. was stripped of his registration for violating New Jersey's securities laws, including making misrepresentations to at least four senior Wells Fargo customers.
• Rivero convinced these elderly clients, including three siblings with an eighth-grade level of education and limited English proficiency, to turn over $529,780 in cashier's checks.
• The funds were allegedly used for personal expenses, including gambling at casinos, restaurant meals, and car payments.
• Rivero's investigation found that he engaged in dishonest and unethical business practices in the sale of securities, defrauding at least four Wells Fargo customers in the amount of at least $529,780.
• Rivero's actions were preceded by an Acceptance Waiver and Consent Letter with the Financial Industry Regulatory Authority (FINRA) in June 2021, barring him from associating with any FINRA members in any capacity.

Statistics:

• At least $529,780 was misappropriated from four Wells Fargo customers.
• The misappropriated funds were used for personal expenses, including:

+ Gambling at casinos: unknown amount

+ Restaurant meals: unknown amount

+ Car payments: unknown amount

• The investigation found that Rivero used some of the misappropriated funds to trade in options and lost all the funds in less than two weeks.
• The line of credit provided by Rivero's clients was divided into:

+ Cashier's checks: at least $529,780

+ Personal expenses: unknown amount

Sources:

• Office of the Attorney General of New Jersey
• Division of Consumer Affairs
• Financial Industry Regulatory Authority (FINRA)
• Wells Fargo