The Department of Justice asserts that a previous advisor Mario Rivero You can also check out our other articles. Wells Fargo The following are some examples of how to get started: LPL Financial He used the stolen money to gamble, and pay for other personal expenses. He could face up to 20 years behind bars.
On Thursday, the federal court in Newark (N.J.) heard a case. Mario E. Rivero The defendant entered a guilty plea on a single count for wire fraud and securities theft. Rivero began working in the financial sector with Wells Fargo back in 2010. He remained at Wells Fargo for most of this time. He worked at LPL from September 2020 to June 2121.
According to his BrokerCheck Profile, he was then barred from the financial industry by the Financial Industry Regulatory Authority because he failed to adhere to the standards. “give information and documentation required by FINRA in conjunction with its examination into claims made by his former customers.”
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Rivero had five seniors victims over 65. Their names are not mentioned in court papers (nor do Rivero’s employers). The fraud took place between April 2018 and November 2020.
Rivero is accused of being a victim in the DOJ’s allegations “abused his position as an investment advisor” By developing “overly-personal relationships” With his clients, he convinced them to move their money out of their trading accounts and into their saving and checking account so he could invest it in non brokerage funds.
Rivero, after obtaining the elderly client’s approval, withdrew the cashiers’ check from the nonbrokerage account and wired funds to several unnamed companies in New Jersey headed by a relative and another company in Florida led by an associate of the advisor.
Rivero laundered the corporates. “a large amount” He returned the funds he had stolen to himself. He also showed a client a fake statement of account in which the balance was inflated for a nonexistent client’s investment portfolio.
According to the DOJ Rivero stole $626 478 from these five customers.
LPL had not yet replied to requests for comment by press time. Wells Fargo Advisors spokesperson Jackie Knolhoff stated that their staff is required to follow the company’s code of ethics. “the highest ethical standards.”
She said that the company reported Rivera’s actions to the authorities and provided refunds to anyone who was harmed.
The Securities and Exchange Commission (SEC) accused Rivero of misconduct in March 2022. This includes additional details about the affected customers. A 86 year old investor lived with two of her siblings aged 83 and 90, one had dementia. The SEC says that Rivero continued to defraud his victims despite their close friendship and the fact they would celebrate holidays with him.
Rivero’s sentence will be handed down on June 27th. Each count of guilt can result in a sentence of 20 years imprisonment, plus additional fines up to one million dollars per wire fraud or five million dollars per securities fraud.