Former Wells Fargo Investment Advisor Sentenced to Prison for Defrauding Clients

A former Wells Fargo investment advisor based in Union County, N.J., has been sentenced to three years and six months in prison for confessing to swindling five clients out of $626,478.

Mario E. Rivero Jr., 39, utilized the funds for personal expenses and casino gambling, with some of his victims being elderly, disabled, or suffering from memory loss.

Rivero manipulated his victims between April 2018 and November 2020, convincing them to transfer funds from their brokerage accounts to personal checking and savings accounts. He then gained their consent to acquire cashiers' checks, supposedly for investments, but instead diverted the money to entities secretly linked to him. These funds were gradually channeled back to himself.

The victims included three co-habiting siblings aged 83, 86, and 93, with one suffering from memory impairment. Rivero built personal relationships with them while deceiving them. He even sent them a fake document claiming their funds were in a separate brokerage firm, which was confirmed as fraudulent by the company.

Rivero was associated with Wells Fargo from 2010 to 2020, during which most of the fraudulent activities occurred. He later joined LPL Financial in September 2020. After pleading guilty to wire fraud and securities fraud in February, he opted for a plea deal rather than facing a maximum 20-year sentence.

The victims have been fully reimbursed by Wells Fargo, which brought Rivera's misconduct to the attention of authorities. Rivero's actions were characterized as an abuse of his position as an investment advisor, cultivating overly personal relationships to carry out his fraudulent activities.

By fLEXI tEAM