FINRA

Respondent Rivero failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Letter

Suspension

All capacities

Indefinite

Continues until required payment is made or discharged.

1/31/2025

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Rivero is suspended on January 31, 2025 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Mario E. Rivero ("Rivero" or "Respondent"). The Commission finds that Rivero, age 39, was a registered representative and investment adviser representative of Wells Fargo Clearing Services, LLC from May 2010 until September 2020, and of LPL Financial, LLC from September 2020 to June 2021. Rivero held FINRA series 6, 7, 63 and 68 licenses before being barred by FINRA in June 2021. On February 2, 2023, Rivero pled guilty to violations of 18 U.S.C. § 1343, 18 U.S.C. § 2; 15 U.S.C. §§ 78j(b) & 78ff, and 17 C.F.R. § 240.10b-5 thereunder before the United States District Court for the District of New Jersey in United States v. Rivero, No. 22 Crim. 11085 (D.N.J.). Rivero has not yet been sentenced in that matter. On March 14, 2022, the Commission filed a complaint against Rivero in SEC v. Rivero, Civil Action No. 22-01360 (ZNQ-DEA), in the Federal District Court of the District of New Jersey. On March 6, 2023, the court entered an order permanently enjoining Rivero, by consent, from future violations of Sections 17(a)(1) and 17(a)(2) of the Securities Act of 1933; Section 10(b) of the Exchange Act and Rule 10b-5 thereunder; and Sections 206(1) and (2) of the Investment Advisers Act of 1940. The Commission's complaint alleged that between at least July 2018 and November 2020, Rivero convinced at least five of his clients and customers to transfer funds from their accounts to entities with which Rivero was associated. Rivero falsely told his victims that the purpose of these fund transfers was so that he could make various investments on their behalf. However, Rivero misappropriated approximately $680,000 from the entities that received the investor funds which he never disclosed to his clients and customers.

Order

Bar (Permanent)

association with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO

Indefinite

3/28/2023

Participating in any offering of a penny stock

Indefinite

3/28/2023

Alabama

Wells Fargo Advisors reported that they had discovered one of their advisors, Mario E. Rivero, Jr. had been diverting funds to One Prime Financial Solutions, LLC, an entity controlled by Rivero. After obtaining these funds, Rivero utilized said funds for his personal expenses/benefit.

Order

Bar (Permanent)

All Capacities

unending

Permanently barred in the State of Alabama

8/25/2022

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Plaintiff Securities and Exchange Commission ("Commission"), for its Complaint against Defendant Mario E. Rivero ("Defendant" or "Rivero"), alleges that this case involves a scheme whereby Rivero, a former financial advisor, fraudulently misappropriated at least $680,000 from investment accounts that he handled, including accounts owned by elderly and/or disabled investors. From approximately May 2010 to September 2020, Rivero was employed as a financial advisor for a large financial institution registered with the Commission as a broker-dealer and investment adviser ("Financial Institution A"). In this role, Rivero handled investment accounts for the owners of advisory accounts ("clients") and the owners of brokerage accounts ("customers"). From approximately September 2020 to June 2021, Rivero was employed as a financial advisor for a different financial institution registered with the Commission as a broker-dealer and investment adviser ("Financial Institution B"). Between at least July 2018 and November 2020 (the "Relevant Period"), Rivero convinced at least five of his clients and customers at Financial Institution A - some of whom over eighty years old and/or disabled - to transfer funds from their investment accounts at Financial Institution A to their own bank accounts and then, from their bank accounts, to entities that Rivero was secretly associated with. Rivero falsely told his victims that the purpose of these fund transfers was so that he could make various investments on their behalf including, in some instances, investments in the stock market. In reality, Rivero siphoned hundreds of thousands of dollars from the entities that received the investor funds for his own benefit. Rivero never disclosed to his clients and customers that he would personally benefit from the fund transfers. In total, Rivero fraudulently induced his clients and customers to make at least $680,000 in such transfers. By virtue of the conduct described herein, Rivero violated Sections 17(a)(1) and 17(a)(2) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Advisers Act.

Judgment Rendered

Disgorgement

$488,978.00

Injunction

undertakings

New Jersey Bureau of Securities

RIVERO ENGAGED IN DISHONEST AND UNETHICAL BUSINESS PRACTICES IN THE SECURITIES BUSINESS. RIVERO IS THE SUBJECT OF AN ORDER OF A SELF-REGULATORY ORGANIZATION EXPELLING HIM FROM A SELF -REGULATORY ORGANIZATION.

Order

Revocation

All exemptions contained in N.J.S.A. 49:3-50 subsection (a) paragraph 9, 10, and 11 and subsection (b) are hereby DENIED as to Mario E. Rivero, Jr. All exemptions to the registration requirements provided by N.J.S.A. 49:3-56(b); N.J.S.A. 49:3-56(c), and N.J.S.A. 49:3-56(g) are hereby DENIED as to Mario E. Rivero, Jr.

FINRA

Without admitting or denying the findings, Rivero consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA in connection with its investigation of allegations made by his former customers.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All capacities

Indefinite

6/4/2021