According to FINRA, Marco Antonio Rivera was barred from the securities industry after an Office of Hearing Officers decision became final finding he failed to timely and fully provide information and documents during a regulatory investigation.

Rivera's member firm terminated him, and FINRA launched an investigation into the circumstances of his termination and whether he violated any federal securities laws or FINRA rules. The investigation included specific concerns about potential COVID-19 relief fraud. FINRA requested applications or documents Rivera submitted to the Small Business Administration or other governmental entities regarding financial aid under the Coronavirus Preparedness and Response Supplemental Appropriations Act, the CARES Act, and the Paycheck Protection Program and Health Care Enhancement Act.

FINRA also requested bank and brokerage account statements, tax returns, and information about any outside business activities Rivera had. While Rivera initially provided some information, he ceased cooperating with the investigation before providing critical documents. The information he failed to provide was material to FINRA's investigation and necessary to complete its regulatory mandate to fully investigate potential rule violations and protect the investing public.

The investigation's focus on potential PPP and CARES Act fraud is significant. During the COVID-19 pandemic, some individuals falsely claimed to operate businesses or inflated their financial situations to obtain government aid they weren't entitled to receive. Such fraud not only constitutes theft of taxpayer funds but also raises serious questions about an individual's honesty and fitness to work in the securities industry.

The case proceeded to a formal hearing before FINRA's Office of Hearing Officers, which found that Rivera violated his obligation to cooperate and imposed a bar. This sanction prevents him from working in any capacity in the securities industry.

For investors, this case highlights multiple red flags. First, termination from a firm should prompt questions about why the termination occurred. Second, potential pandemic relief fraud indicates serious dishonesty. Third, refusal to cooperate with regulators suggests an individual is hiding misconduct. Investors should always check BrokerCheck before working with a financial professional and should be particularly cautious about individuals with termination disclosures or regulatory investigations.