What You Must Know
- An ex-Wells Fargo and LPL rep was sentenced to 42 months in jail and three years of supervised launch for stealing from his purchasers.
- Mario E. Rivero had pleaded responsible to 1 rely every of wire fraud and securities fraud as a part of a plea deal.
- All 5 of his victims had been over 65 years previous.
The previous dealer for Wells Fargo and LPL Monetary who pleaded responsible in February to stealing greater than $600,000 from 5 older purchasers to fund his playing and private bills was sentenced to 42 months in jail earlier this week, in line with courtroom paperwork and Philip R. Sellinger, U.S. Lawyer for the District of New Jersey.
The sentence was handed all the way down to Mario E. Rivero Jr., 39, of Elizabeth, New Jersey, in U.S. District Court docket for the District of New Jersey in Newark by Decide Madeline Cox Arleo. Rivero was additionally sentenced to a few years of supervised launch.
Rivero had pleaded responsible to 1 rely every of wire fraud and securities fraud as a part of the plea settlement.
In a separate criticism filed by the Securities and Trade Fee in the identical New Jersey courtroom, the SEC had alleged Rivero “fraudulently misappropriated not less than $680,000 from funding accounts that he dealt with, together with accounts owned by aged and/or disabled traders” from about Could 2010 to September 2020.
In accordance with paperwork filed within the legal case and statements made in courtroom, from April 2018 to November 2020, Rivero, whereas serving as a dealer, misappropriated about $626,500 from 5 purchasers who had been throughout 65 years previous.
“Sufferer-1” was a resident of Irvington, New Jersey, whereas Sufferer-2, Sufferer-3 and Sufferer-4 had been members of the family and residents of Newark; and Sufferer-5 was a resident of Hillside, New Jersey or the State of Alabama, in line with the data that Sellinger filed towards Rivero.
Rivero “purported to supply funding advisor providers” to his victims, Sellinger had alleged. That was regardless of Rivero not being a registered advisor.
The previous dealer, who had been entrusted to handle consumer funds responsibly, as an alternative perpetrated a scheme to defraud a number of purchasers. He obtained his purchasers’ cash beneath the fraudulent pretense that he would make investments their funds. However Rivero as an alternative unlawfully diverted the funds to counterpoint himself and others, the Justice Division had charged.
Initially, the Justice Division had filed a criticism towards Rivero in March 2022 that charged him with two counts of wire fraud, one rely of funding advisor fraud and one rely of securities fraud.
