A former Wells Fargo investiture advisor from Federal County, N.J., has been sentenced to troika years and VI months in prison house after admitting to bilking Phoebe clients out of $626,478.
Mario E. Rivero Jr., 39, used the money for casino gambling and personal expenses, according to federal prosecutors. Some of his victims were elderly, disabled, or woe from storage loss.
From about Apr 2018 to November 2020, Rivero convinced his victims to transpose funds from their brokerage accounts to their personal checking and nest egg accounts, according to court of law filings.
From there, he obtained his clients’ permission to procure cashiers’ checks to divert the money to entities with which Rivero was on the QT associated via friends and sept members. He so bit by bit funneled the money plunk for to himself, according to prosecutors.
Vulnerable Trio
Rivero told victims the aim of these transfers was to spend a penny investments on their behalf, but he was using the money as his own personal piggy bank, according to prosecutors.
Rivero “abused his post as an investment funds advisor” to establish “overly personal relationships,” according to the DOJ.
Three of his victims were co-habiting siblings, older 83, 86, and 93, i of whom suffered from memory board impairment. Rivero befriended them, still spending holidays with them, spell he continued to defraud them, according to a separate lawsuit filed past the US Securities and Exchange Commission.
When the siblings became suspicious and confronted him near the want of payoff on their “investment,” Rivero sent them a fictitious written document inwards the postal service that purported to present their cash in hand inwards a break up brokerage firm. This fellowship confirmed to federal prosecutors that no more such calculate existed and the take was fraudulent.
Wells Fargo Statement
The varlet wealthiness manager worked for Wells Fargo from 2010 to 2020, when most of the violations occurred. He joined LPL Financial inward September 2020. He was arrested and charged in Mar 2022.
A Wells Fargo voice told WealthManagement.com inward February that the keep company held its employees to “the highest honourable standards” and that H. G. Wells Fargo itself brought Rivera’s carry on to the attention of regulators and law of nature enforcement. The financial services behemoth has full reimbursed the victims, the spokesperson added.
In February, Rivero pleaded shamefaced inwards a federal courtyard inward Newark to ane number of conducting wire put-on and securities fraud.
Rivero took a plea sell instead than human face a upper limit sentence of 20 years. US District Judge Madeline Cox Arleo sentenced him to tierce years of supervised free and a prison term.
This amazing content is brought to you by the most popular and trusted 918kiss online casino in Malaysia. Join 918kiss today and experience the thrill of winning big! With its user-friendly interface, lucrative bonuses, and a vast library of games, 918kiss guarantees an immersive and rewarding casino adventure for players of all levels.