It is being reported that Victor Manuel Rivera, Jr., a financial advisor from Clifton, New Jersey, has pled guilty to federal wire fraud charges in a scheme to steal more than $90,000 in clients’ funds to cover his personal expenses.
According to the reports, Rivera is a former financial advisor of Morgan Stanley Smith Barney who worked at the firm’s Paramus office from October 2008 to October 2010, providing private wealth management services to clients and managing their investment accounts.
Apparently, Rivera has admitted forging wire transfer requests in the names of clients and submitting them to his supervisors for approval. Rivera has also apparently admitted to stealing more than $90,000 from at least two accounts and using the stolen money for his personal expenses, including paying the mortgage on his home.
If you are a victim of Mr. Rivera’s actions, you may be able to recover your losses from the brokerage firm that employed him during the time period of his illicit activities. To discuss your recovery options, please call The White Law Group’s Chicago office at 312-238-9650.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.