SEC Complaint Filed Against MARIO E RIVERO

MARIO EVERILDO RIVERO (MARIO E RIVERO), formerly of  Wells Fargo of Elizabeth, New Jersey, and LPL Financial of Red Bank, New Jersey, is facing charges that he allegedly misappropriated his clients out of more than half a million dollars.
On March 14, 2022, the Securities and Exchange Commission (SEC), filed a complaint civil complaint, which is still pending, against MARIO E RIVERO, alleging Rivero, a former financial advisor, fraudulently misappropriated at least $680,000 from investment accounts that he handled, including accounts owned by elderly and/or disabled investors.
The SEC complaint states that from approximately May of 2010 to September of 2020, Rivero was employed as a financial advisor for a large financial institution. MARIO E RIVERO handled investment accounts for the owners of advisory accounts and the owners of brokerage accounts. The complaint states that from approximately September of 2020 to June of 2021, Rivero was employed as a financial advisor for a different financial institution.
The SEC complaint alleges that between at least July of 2018 and November of 2020, Rivero convinced at least five of his clients and customers, some of whom were over eighty years old and/or disabled, to transfer funds from their investment accounts to their own bank accounts and then, from their bank accounts, to entities that MARIO E RIVERO was secretly associated with.
According to the SEC complaint, allegedly Rivero falsely told his victims that the purpose of these fund transfers was so that he could make various investments on their behalf including investments in the stock market. Allegedly, MARIO E RIVERO misappropriated hundreds of thousands of dollars from the entities that received the investor funds for his own benefit.
The SEC alleges Rivero never disclosed to his clients and customers that he would personally benefit from the fund transfers. According to the SEC complaint, allegedly Rivero fraudulently induced his clients and customers to make at least $680,000 in such transfers.
According to FINRA’s BrokerCheck, , MARIO E RIVERO was with Wells Fargo Clearing Services, LLC of Elizabeth, New Jersey from 12/02/2010 - 10/01/2020.  He then moved to LPL Financial of Red Bank, New Jersey, and was with them from 09/28/2020 - 06/04/2021.  On June 4, 2021, MARIO E RIVERO, was permanently barred by FINRA following the allegations, “Without admitting or denying the findings, Rivero consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA in connection with its investigation of allegations made by his former customers.”
If you’ve experienced financial losses due to the actions or recommendations of the former Wells Fargo and LPL broker/investment advisor in New Jersey, MARIO E RIVERO, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis, no cost to you if no recovery, and we represent clients nationwide before FINRA.