Ex-Wells Fargo Clearing Services Advisor Allegedly Misappropriated Funds from Elderly Investors
Mario Everildo Rivero is charged with two counts of wire fraud, one count of securities fraud, and one count of investment advisor fraud. He was arrested on March 14, 2022. The ex-Wells Fargo Clearing Services broker is accused of stealing more than $500K from clients. All of them were older investors.
Prosecutors contend that from April 2018 to November 2020, when Rivero was working as a Wells Fargo financial advisor, he misappropriated at least $529K from four customers. This allegedly included:
- Purposely perpetuating a scam to defraud clients.
- Obtaining their funds while pretending to invest the money in certain businesses.
- Unlawfully enriching himself and others.
Investors’ funds were purportedly spent on car payments, meals, gambling, and trading in options that resulted in losses.
Our broker misconduct attorneys are looking into claims of investment losses by former customers of ex-Wells Fargo broker Mario Rivero. Contact us today at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) so that we can help you explore your legal options.
Alleged Victims Included Three Elderly Siblings With Diminished Capacity
Mario Rivero was a Wells Fargo registered representative with ten years in the industry from 2010 to 2020. He then became an LPL Financial broker for less than a year. He was an investment advisor with both firms.
Rivero’s BrokerCheck record notes that in June 2021, the Financial Industry Regulatory Authority (FINRA) barred him. This bar came after he failed to provide documents and information in FINRA’s probe into customer complaints involving him. Among his alleged victims were three elderly siblings with “diminished capacity” and eighth-grade level educations. They did not read or speak English.
Acting New Jersey Attorney General Matthew J. Platkin said that Rivero knew them for a decade before he became their financial advisor. Rivero allegedly told them that he would be investing their funds in businesses belonging to their mother and one of their friends.
Should Wells Fargo Be Held Responsible in Alleged Bilking of Senior Investors?
Broker-dealers have a duty to supervise their registered representatives. They may be held liable in FINRA arbitration should investor losses happen due to misconduct or negligence. Unfortunately, elder financial abuse by brokers and investment advisors continues to be a serious problem. Call our securities lawyers at SSEK Law Firm today at (800) 259-9010.