Mario Rivero Jr., New Jersey Financial Advisor Allegedly Steals $529,870 from Clients
According to an article in Financial Advisor IQ today, a former financial advisor, Mario Rivero Jr., is facing charges that he defrauded advisory clients out of more than half a million dollars.
Between April 2018 and November 2020, Mario Rivero Jr., allegedly misappropriated funds from four clients while working as a financial advisor, according to the article, citing the U.S. Attorney’s Office for the District of New Jersey on March 15, 2022.
According to the allegations, Rivero’s clients entrusted him to invest their money but instead he purportedly kept the money for himself.
Rivero was reportedly arrested and charged with two counts of wire fraud, one count of investment advisor fraud and one count of securities fraud, according to the article.
According to his FINRA BrokerCheck Profile, FINRA barred Rivero on June 4, 2021 after he allegedly refused to provide information and documents requested by FINRA in connection with its investigation of allegations made by his former customers.
He could face up to 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the alleged offense, whichever is greatest, for each of the wire fraud counts, up to five years in prison and a $10,000 fine, or twice the gross gain or loss from the alleged scheme, for the investment adviser fraud count, and up to 20 years in prison and a $5 million fine for the securities fraud count, according to the article.
According to his broker report, Mario Rivero Jr. was affiliated with the following firms during his career in the securities industry:
09/28/2020 – 06/04/2021, LPL FINANCIAL LLC (CRD#:6413), RED BANK, NJ,
12/02/2010 – 10/01/2020, WELLS FARGO CLEARING SERVICES, LLC (CRD#:19616), ELIZABETH, NJ
How to Recover Financial Losses
When brokers violate securities laws, such as making unauthorized transactions or unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you have suffered losses investing with Mario Rivero Jr., the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com.
