New Jersey Financial Adviser Must Face Claims He Bilked Clients

A New Jersey financial adviser failed to shake off claims that he fraudulently misappropriated at least $680,000 from his clients.

The Securities and Exchange Commission’s complaint against Mario Rivero provides sufficient details to survive dismissal for failure to state a claim, Judge Georgette Castner of the US District Court for the District of New Jersey said Monday in an unpublished opinion.

Rivero argued that the complaint, alleging violations of federal securities law, lacks “facts that are particularized supporting the inference” that he “acted recklessly or with fraudulent intent.”

The complaint alleges that Rivero engaged in a scheme to defraud his ...