Ex-Wells Fargo Advisor Mario Rivero Jr. Allegedly Stole $600,000 from five clients
According to an article in Shore News Network, former financial advisor Mario E. Rivero Jr., has reportedly pleaded guilty for allegedly stealing over $600,000 from his clients to fund his gambling and personal expenses.
Rivero, of Elizabeth, New Jersey, pleaded guilty on Feb. 2, 2023, in Newark federal court to an information charging him with one count each of wire fraud and securities fraud, according to the article.
From April 2018 through November 2020, Rivero purportedly misappropriated $626,478 from five clients, according to the charges. He allegedly lied to his clients, telling them that he would invest the funds, but instead, Rivero purportedly kept the money for himself.
The wire fraud and security fraud count each carry a maximum potential penalty of 20 years in prison and maximum fines of $1 million, and $5 million, respectively. Sentencing is scheduled for June 27, 2023.
As we reported in March 2022, his FINRA BrokerCheck Profile indicates that the regulatory agency, the Financial Industry Regulatory Authority (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.
According to his broker report, Rivero 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
FINRA Attorneys to Recover Investment 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.
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