What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: October 13, 2016

Stoltmann Law Offices is investigating Alec Rivera, a former Chicago-based investment adviser with Merrill Lynch. Rivera was accused on Wednesday last week with stealing more than $1 million from two of his clients. Before he stole the money himself, he allegedly funneled it through a local chamber of commerce. Rivera faces one count of wire fraud for allegedly transferring $1,065,381 out of investment accounts belonging to two of his clients, without them knowing. Rivera then transferred the money to bank accounts belonging to the Philippine American Chamber of Commerce of Greater Chicago, where he was a treasurer, before cutting himself checks from the account. Allegedly, between October 2010 and September 2013, Rivera told his colleagues at Merrill Lynch to make the cash transfers, and told them that they were acknowledged by the clients, when, in fact, they were not. He then wrote checks to himself, putting “IRS attorney payment” in the subject line. Rivera also had the client’s real account statements mailed to him, so as not to tip them off. Rivera then fashioned fake account statements to send to the clients.

According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Mr. Rivera was registered with Merrill Lynch in Chicago, Illinois from June 2008 until October 2013. He is not licensed within the industry and FINRA has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public. Please call our Chicago-based law firm today for a free consultation about how you may be able to recover your investment losses sustained with Mr. Rivera and Merrill Lynch. The firm may be responsible for your losses because they were not able to reasonably supervise him while he was registered with them. The call is free. 312-332-4200.

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If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

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