The national investment fraud law firm of KlaymanToskes is investigating Mario E. Rivero, a former advisor with Wells Fargo and LPL Financial, who has pleaded guilty in New Jersey federal court to charges of wire fraud and securities fraud. According to the US Attorney’s Office for the District of New Jersey, Rivero faces up to 20 years in prison for defrauding clients out of approximately $680,000 to fund his gambling and personal expenses.
Investors that suffered losses with Mario Everildo Rivero Jr. of Wells Fargo and/or LPL Financial are encouraged to contact attorney Lawrence L. Klayman immediately at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options.
Rivero’s FINRA BrokerCheck report states that “Wells Fargo Advisors reported that they had discovered one of their advisors, Mario E. Rivero, Jr. had been diverting funds to One Prime Financial Solutions, LLC, an entity controlled by Rivero. After obtaining these funds, Rivero utilized said funds for his personal expenses/benefit.”
Rivero first entered the industry with Wells Fargo in 2010 and spent the majority of his career there. He joined LPL in September 2020 but was barred from the industry in June 2021 after he refused to provide information and documents requested by the Financial Industry Regulatory Authority (FINRA) in connection with its investigation of allegations made by his former customers.
The law firm of KlaymanToskes regularly advocates for victims of financial elder abuse and investment fraud. If you believe you or a loved one has been a victim of financial elder abuse, investment fraud or broker misconduct, contact our firm today for a free, confidential consultation at (888) 997-9956.
According to the US Attorney’s Office, from April 2018 to November 2020, Rivero abused his position as an investment advisor by building overly personal relationships with his clients, who were all over 65 years old. He convinced them to transfer funds from their brokerage accounts into their checking and savings accounts on the pretense that he would invest the money in investments outside of their brokerage accounts. Rivero then obtained cashiers’ checks using the funds from the clients’ non-brokerage accounts and paid those checks to several companies controlled by his family member and an associate.
Additionally, Rivero misrepresented the fraudulent investments, including showing one client a fraudulent account statement when he had already spent their money. In total, Rivero misappropriated $626,478 from the five clients.
The SEC filed charges against Rivero in March 2022, estimating at least $680,000 was fraudulently misappropriated. The charges reveal that one of the clients was an 86-year-old investor who lived with her two siblings. The siblings are 83 and 93, one of whom suffered from a memory impairment. Despite building a close relationship with the family, even spending holidays together, Rivero continued to defraud them for his own gain.
Rivero’s sentencing date is set for June 27, with a maximum penalty of 20 years in prison and fines of up to $1 million and $5 million for the wire fraud and securities fraud charges.
However, what options do the victims have for recovery? Investors that experienced broker misconduct at the hands of Mario E. Rivero can file FINRA arbitration claims against Wells Fargo to recover their losses.
Contact the experienced financial elder abuse lawyers at KlaymanToskes to discuss your recovery options.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com