Merrill Lynch Broker Illegally Moves Money
A former Merrill Lynch broker pled guilty to stealing more than $1 million dollars from two of his clients by illegally withdrawing funds without permission.
Former Merrill Lynch adviser Alec Rivera pled guilty to committing wire fraud between October 2010 and September 2013, when he was a Merrill Lynch employee in Chicago.
Merrill Lynch Broker Alec Rivera Caught
Rivera illegally withdrew funds from client accounts and then passed them through a Chicago-based chamber of commerce, before moving the money to his own account.
Rivera convinced colleagues at his brokerage firm to make over 100 cash transfers by telling them he had the authorization to do so. He then issued checks from the chamber of commerce to himself, claiming he had to make payments for various obligations, such as “IRS attorney payment.”
To hide his fraud, he had the clients’ real statements mailed to his address and created fake account statements that he provided to the two clients.
FINRA barred Rivera from acting as a securities broker in 2014 after his theft came to light and he failed to provide information related to the stolen funds.
Although he faces a possible 20-year prison sentence, he likely will receive between 3 ½ and 4 years under federal sentencing guidelines for cooperating.
Did You Invest with former Merrill Lynch Broker Alec Rivera?
Whether you invested with Alec Rivera or someone like him, you may have certain rights that require your immediate attention.
Call a Stockbroker Fraud Attorney Today
If you are looking for an attorney to review your rights and options, the securities lawyers at Dimond Kaplan & Rothstein, P.A. have recovered over $100 million from banks and brokerages firms for their wrongful actions.
With offices in Los Angeles, they have helped stockbroker fraud victims throughout Santa Monica, Beverly Hills, and Hollywood.