Former Wells Fargo Advisor Who Stole $626K for Gambling Imprisoned
A former Wells Fargo investment funds advisor from Federal County, N.J., has been sentenced to tercet years and VI months inwards prison house after admitting to bilking five 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 close to Apr 2018 to Nov 2020, Rivero convinced his victims to transplant funds from their securities firm accounts to their personal checking and savings accounts, according to courtroom filings.
From there, he obtained his clients’ permission to procure cashiers’ checks. They were used to hive off the money to entities with which Rivero was secretly associated via friends and kinsfolk members. He and so bit by bit funneled the money dorsum to himself, according to prosecutors.
Vulnerable Trio
Rivero told victims the intention of these transfers was to take a leak investments on their behalf. But he was using the money as his have personal piggy bank, according to prosecutors.
Rivero “abused his perspective as an investment funds advisor” to build “overly personal relationships,” according to the DOJ.
Three of his victims were cohabiting siblings, older 83, 86, and 93, I of whom suffered from store impairment. Rivero befriended them, even disbursal holidays with them, while he continued to defraud them, according to a split suit filed past the US Securities and Exchange Commission.
When the siblings became suspicious and confronted him about the deficiency of proceeds on their “investment,” Rivero sent them a fictitious papers inward the mail service that purported to exhibit their pecuniary resource inwards a break up brokerage firm firm. This fellowship confirmed to federal prosecutors that no more such account statement existed and the arrogate was fraudulent.
Wells Fargo Statement
The rogue riches manager worked for H. G. Wells Fargo from 2010 to 2020, when most of the violations occurred. He united LPL Financial inward Sep 2020. He was arrested and supercharged inward March 2022.
A Wells Fargo representative told WealthManagement.com in February that the fellowship held its employees to “the highest honorable standards” and that Wells Fargo itself brought Rivera’s carry on to the attending of regulators and law enforcement. The financial services heavyweight has to the full reimbursed the victims, the spokesperson added.
In February, Rivero pleaded shamed in a federal tribunal in Newark to ane enumerate of conducting wire fraudulence and securities fraud.
Rivero took a plea business deal kinda than face a maximum sentence of 20 years. U.S. District Judge Madeline Cox Arleo sentenced him to triplet years of supervised button and a prison term.
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