Have you suffered losses investing with Alec Rivera? If so, The White Law Group may be able to help.
The former Merrill Lynch financial advisor is facing charges over stealing $1 million from two of his clients, according to an article in Law360.
From 2010 to 2013, Alec Rivera allegedly had his Merrill Lynch colleagues transfer money out of his clients’ investment accounts, without their knowledge, to bank accounts of the Philippine American Chamber of Commerce of Greater Chicago, where he served as treasurer, according to documents filed by the prosecution and cited by the legal news website.
Rivera allegedly told his colleagues that the clients had authorized the transfers. He then allegedly wrote checks to himself from the chamber of commerce bank accounts, amending the transfers with notes such as “IRS attorney payment” in the subject line, prosecutors say, according to Law360.
Meanwhile, Rivera allegedly had the clients’ account documents sent to himself and then sent fake statements, which didn’t mention the transfers, to the clients, according to the prosecutors, the legal news website writes.
According to FINRA Broker Check, Rivera was barred from the industry in 2014, following the 2013 allegations of the fraud. He was registered with Merrill Lynch from 06/2008 – 10/2013 in Chicago, IL until he was discharged in light of the allegations.
Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules and they can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you suffered losses investing with Alec Rivera, the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.
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 Franklin, Tennessee.