Mario Rivero Suspended by FINRA

Mario Rivero (CRD #: 5856503), a broker formerly registered with LPL Financial, has been suspended by FINRA, according to his BrokerCheck record, accessed on April 15, 2025. Keep reading to learn more about his alleged conduct as a broker.

2025 FINRA Suspension

On January 31, 2025, Mario Rivero received a Letter of Suspension alleging that he failed to comply with an arbitration award/settlement agreement or to provide adequate response to a FINRA request for information about the status of compliance.

On August 28, 2023, LPL Financial filed a complaint against Mario Rivero, alleging that he breached his registered representative agreement and breached several promissory notes. An arbitration award made Mario Rivero liable for $254,944.21 in compensatory damages, plus interest. You can read that award here.

His suspension will continue until the required payment is made or discharged.

SEC Regulatory Action

On March 28, 2023, the Securities and Exchange Commission filed a regulatory action against Mario Rivero.

The SEC had previously filed a civil complaint against him on March 14, 2022, and on March 6, 2023, the Federal District Court of the District of New Jersey entered an order permanently enjoining Mario Rivero, by consent, from violations of the following regulations:

• Sections 17(a)(1) and 17(a)(2) of the Securities Act of 1933
• Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder
• Sections 206(1) and (2) of the Investment Advisers Act of 1940

In its complaint, the SEC alleged that Mario Rivero misappropriated approximately $680,000 in client funds by persuading his clients to transfer funds to entities he owned between at least July 2018 and November 2020 by claiming to make investments on their behalf.

Securities Act of 1933

Sections 17(a)(1) and (2) of the Securities Act of 1933 prohibit the use of deceptive schemes as well as untrue statements or omissions of fact to defraud or mislead customers participating in interstate securities transactions.

Securities Exchange Act of 1934

Section 10(b) of the Securities Exchange Act of 1934 prohibits the use of deceptive, manipulative, and otherwise fraudulent practices relating to the purchase and sale of securities. Within this section, Rule 10b-5 prohibits fraudulent schemes, as well as untrue statements and misleading omissions of fact.

Investment Advisers Act of 1940

Sections 206(1) and (2) of the Investment Advisers Act of 1940 forbid the use of fraudulent and deceptive schemes or practices.

Sanctions

The SEC permanently barred Mario Rivero from participating in penny stock offerings and from associating with the following:

• Brokers
• Dealers
• Investment advisers
• Municipal securities dealers
• Municipal advisors
• Transfer agents
• Nationally recognized statistical rating organizations (NRSROs)

Both bars took effect on March 28, 2023.

Alabama Regulatory Action

On March 29, 2022, the State of Alabama permanently barred Mario Rivero from operating in all capacities in the state. The state alleged that Wells Fargo Advisors reported that Mario Rivero had diverted funds from clients to One Prime Financial Solutions, an entity he allegedly owned. His bar took effect on August 25, 2022.

SEC Civil Action

On March 14, 2022, the SEC filed a civil complaint against Mario Rivero, alleging that he misappropriated at least $680,000 from investment accounts that he handled as a financial advisor.

According to the SEC, Mario Rivero was allegedly employed as a financial advisor by Financial Institution A, which was registered as both a broker-dealer and investment adviser during the relevant period. He allegedly handled both advisory and brokerage accounts for clients.

Between approximately July 2018 and November 2020, he allegedly convinced at least five of his clients and customers of Financial Institution A to transfer money from their investment accounts to their bank accounts, and then transfer these funds to certain entities. These investors allegedly included disabled and senior customers.

Mario Rivero allegedly falsely told these customers that he would make investments on their behalf, including investments in the stock market. Instead, the SEC alleged, Mario Rivero pulled investors’ funds from the entities to use for his own benefit and never disclosed this to investors.

According to his detailed BrokerCheck record, on April 26, 2024, final judgment was entered, by consent, against Mario Rivero. He was enjoined from future violations of Sections 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940.

Final judgment also ordered Mario Rivero to comply with certain undertakings and deemed a previously-ordered disgorgement of $488,978 to be satisfied by an order of restitution entered against him in another civil suit.

New Jersey Regulatory Action

On March 14, 2022, the New Jersey Bureau of Securities revoked Mario Rivero’s license, alleging that he engaged in dishonest and unethical business practices and that he was the subject of an order expelling him from a self-regulatory organization.

2021 Bar by FINRA

On June 4, 2021, Mario Rivero consented to the entry of findings that he allegedly refused to provide information and documents requested by FINRA.

According to a Letter of Acceptance, Waiver & Consent (AWC), FINRA allegedly made its requests in connection with an investigation into allegations made by Mario Rivero’s former customers.

The AWC concluded that Mario Rivero’s alleged refusal to provide information constituted violations of FINRA Rules 8210 and 2010.

FINRA Rule 8210

FINRA Rule 8210 requires members to submit their books and records for inspection and to appear for testimony in connection with FINRA investigations.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Sanctions

Mario Rivero was permanently barred by FINRA on June 4, 2021. You can read a copy of the AWC here.

Background Information

Mario Rivero has passed the following exams:

• Securities Industry Essentials Examination – SIE
• General Securities Representative Examination – Series 7
• Investment Company Products/Variable Contracts Representative Examination – Series 6
• Uniform Combined State Law Examination – Series 66
• Uniform Securities Agent State Law Examination – Series 63

In the past, Mario Rivero worked for LPL Financial (CRD #: 6413) and Wells Fargo Clearing Services (CRD #: 19616).

Kurta Law Can Help 

If you worked with Mario Rivero and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.