Robert Riviere: Charged by FINRA?
History Of Robert Riviere
Riviere first became registered with FINRA in September 1976. In April 2018, Riviere
became registered through his association with Heritage Financial Systems, Inc. (n/k/a
Heritage Financial Systems, LLC) (BD No. 133019) as a GSP and GSR, as well as in
other capacities. On December 12, 2019, the firm filed a Uniform Termination Notice for
Securities Industry Registration (Form U5) terminating Riviere’s association for violating
firm policies and procedures, maintained an outside email account for business
purposes.”
Riviere is not currently registered or associated with a FINRA member firm, but
remains subject to FINRA’s jurisdiction pursuant to Article V, Section 4(a) of
FINRA’s By-Laws.
On March 30, 1987, FINRA issued AWC No. TEX-467-AWC finding that Riviere, his
member firm, and three other registered representatives failed to prepare the trial balance
and general ledger and securities receipt and delivery blotter in accordance with MSRB
Rule G-8; failed to post accurate and current customer and broker ledgers; failed to prepare a cash receipts and disbursements blotter as required by Exchange Act Rule
15c3-3, effected transactions while failing to maintain the required minimum net capital;
held customer securities longer than permitted; held customer securities in a clearing
account in a way that might have permitted commingling with securities carried for the
accounts of other customers; and filed inaccurate focus reports. Riviere and the other
respondents were censured and fined $10,000, jointly and severally.
Robert Riviere Report
FINRA Rule 3270 provides, in relevant part, that, “[n]o registered person may be an
employee, independent contractor, sole proprietor, officer, director or partner of another
person, or be compensated, or have the reasonable expectation of compensation, from
any other person as a result of any business activity outside the scope of the relationship
with his or her member firm, unless he or she has provided prior written notice to the
member, in such form as specified by the member.” A violation of FINRA Rule 3270
also constitutes a violation of FINRA Rule 2010.
During the relevant period, Heritage Financial Systems’ written supervisory procedures
prohibited registered representatives from accepting compensation as a result of any
business activity outside the scope of employment without providing written notice to the
firm.
How can you spot a broker who is trying to deceive you?
A broker’s credentials, registration, and job history can be reviewed using BrokerCheck, a free online tool provided by FINRA. Disputes with clients, disciplinary actions, and specific financial and criminal matters on the broker’s record are all covered in the disclosure portion of BrokerCheck.
Between September 2019 and December 2019, Riviere was the managing director of a
corporation he formed. On November 20, 2019. Riviere signed a letter of engagement
between his corporation and a third party to provide investment services outside of the
scope of his relationship with Heritage Financial Systems. In November and December
2019, Riviere conducted financial modeling and analysis related to the acquisition of
cargo ships for the third party and received $5,000. Riviere did not provide prior written
notice of his outside business activity to the firm.
Therefore, Respondent violated FINRA Rules 3270 and 2010.
Penalties, Punishments & Sanctions
■ a 30-calendar day suspension from associating with any FINRA member in all
capacities, and
■ a $5,000 fine.
The fine shall be due and payable either immediately upon reassociation with a member
firm or prior to any application or request for relief from any statutory disqualification
resulting from this or any other event or proceeding, whichever is earlier.
Respondent specifically and voluntarily waives any right to claim an inability to pay, now
or at any time after the execution of this AWC, the monetary sanction imposed in this
matter.
Respondent understands that if he is barred or suspended from associating with any
FINRA member, he becomes subject to a statutory disqualification as that term is
defined in Article III, Section 4 of FINRA’s By-Laws, incorporating Section 3(a)(39) of
the Securities Exchange Act of 1934. Accordingly, he may not be associated with any
FINRA member in any capacity, including clerical or ministerial functions, during
the period of the bar or suspension. See FINRA Rules 8310 and 8311.
Robert Riviere Review
Between September 2019 and December 2019, while he was associated with Heritage
Financial Systems, Riviere engaged in an outside business activity for which he received
compensation without providing the firm with prior written notice. Riviere thereby
violated FINRA Rules 3270 and 2010.
How To Spot A Fraud Finance Advisor (Infographic)
Help For Victims Of Robert Riviere
If you have lost funds because of misrepresentation, unsuitable investment, or unsuitable investment strategy from Robert Riviere. Then you can take legal action and get justice. Fraud, Malpractice & dereliction of duty should not be taken lightly, especially in this industry. We highly suggest that you notify authorities or seek legal action if your financial advisor or brokerage firm fails to abide by FINRA’s rules are regulations.
Read about the: Heritage Financial Services
Financial advisors are regulatory & legally obligated to suggest (recommend) the most suitable investments/investment strategies to their clients. Their suggestions should have their client’s best interests and should be appropriate for their client’s goals and needs. Similarly, the brokerage firm which hires financial advisors also has a regulatory & legal obligation to keep a close watch and supervise their Financial Advisors’ practices & behavior. They need to make sure that the financial advisor is not being manipulative or having an unreasonable bias towards certain investments. If the financial advisor and/or the brokerage firm breaches these duties, then the client/customer may be entitled to a full or partial recovery of their losses.
Financial advisors need to have the interest of their clients when giving suggestions related to investments and investment strategies. Reasonable basis suitability requires the advisor to do their best to analyze & identify the risks and rewards associated with their suggested investment and/or investment strategy.
