Mario Everildo Rivero Jr., of Red Bank, New Jersey, a stockbroker registered with Wells Fargo Clearing Services LLC and LPL Financial LLC, has been barred as a stockbroker by Securities and Exchange Commission (SEC) because Rivero pled guilty to federal fraud charges. In the Matter of Mario E. Rivero, Order No. 3-21352 (March 28, 2023).
The Commission notes that Rivero admitted to breaking certain federal laws, including 18 U.S.C. § 1343, 18 U.S.C. Section 2; 15 U.S.C. Sections 78j(b) and 78ff, and 17 C.F.R. Section 240.10b-5. United States v. Rivero, No. 22 Crim. 11085 (D.N.J. Feb. 2, 2023).
On March 14, 2022, SEC brought a Complaint against Rivero in the New Jersey Federal District Court. SEC v. Rivero, Civil Action No. 22-01360. The Commission’s lawsuit stated that between July of 2018 and November of 2020, Rivero tricked five or more of his customers into moving money from their investments accounts to organizations that he was involved with. Rivero apparently lied to these people, saying he was going to use the money to invest for them, and stole around $680,000.00 from the organizations that got this money, which he never told his customers.
Rivero has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Rivero failed to provide information and documents to FINRA during the time that it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2021071160701 (June 4, 2021).
According to the AWC, Wells Fargo submitted a Form U5 to FINRA, indicating that Rivero willingly resigned as a stockbroker. On April 22, 2021, Wells Fargo sent the regulator a revised Form U5, revealing that they had begun an internal examination about complaints from two of Rivero’s past customers.
On May 3, 2021, FINRA asked Rivero to supply information related to FINRA’s investigation into the accusations from Rivero’s customers. As mentioned in his lawyer’s telephone conversation with FINRA on May 18, 2021, Rivero confirmed he received FINRA’s demand but would not hand over the information at any point. By declining to comply in the investigation, Rivero violated FINRA Rules 8210 and 2010.
On March 14, 2022, Rivero was barred by New Jersey Bureau of Securities because Rivero was the subject of FINRA’s regulatory enforcement action resulting in sanctions.
On March 29, 2022, Rivero also became the subject of a regulatory action initiated by the state of Alabama, which alleges that Rivero relocated funds to a company under his control known as One Prime Financial Solutions, then used those funds for personal gain. Regulatory Action No. S21-0207. The regulator seeks to bar the stockbroker.
Rivero was associated with LPL Financial LLC as a stockbroker from September 28, 2020, to June 4, 2021.
