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Articles Posted in Elder Fraud

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Scott Silver, Silver Law Group’s managing partner, was recently interviewed by Fox35 in Orlando for a story about an in-home nursing assistant who opened a credit card in the name of her elderly, which she used to pay for her cosmetic surgery. A press release from the Volusia County Sheriff’s office states that certified nursing assistant Tiffany Acuna, also known as Tiffany Kent, has been charged with grand theft and “fraudulent use of ID without consent of a victim 60 or older.”Scott Silver, Silver Law Group’s managing partner, was recently interviewed by Fox35 in Orlando for a story about an in-home nursing assistant who opened a credit card in the name of her elderly patient, which she used to pay for her cosmetic surgery. Continue reading ›

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Scott Silver, Silver Law Group’s managing partner and co-chair of the Securities and Financial Fraud Group of American Association for Justice (AAJ), gave a presentation on how to recover damages in elder financial abuse cases at the annual convention of the AAJ in Philadelphia in July, 2023. AAJ is an advocacy group that promotes a fair and effective justice system. Scott’s presentation to AAJ noted that the baby boomer generation, those born in the two decades after the end of World War II, are the richest generation on the planet with an average worth of $1.2M. 10,000 people in the U.S. turn 65 each day, and 5% of them will be victims of financial exploitation.Scott Silver, Silver Law Group’s managing partner and co-chair of the Securities and Financial Fraud Group of American Association for Justice (AAJ), gave a presentation on how to recover damages in elder financial abuse cases at the annual convention of the AAJ in Philadelphia in July, 2023. AAJ is an advocacy group that promotes a fair and effective justice system. Continue reading ›

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Silver Law Group filed a FINRA arbitration claim on behalf of an investor who suffered losses after her financial adviser convinced her to loan him money, and then failed to repay it. The financial adviser developed a position of trust and confidence with Silver Law Group’s client, then convinced her that he had a unique investment opportunity which would make large profits for both of them. The adviser never disclosed that this is an improper practice in the brokerage industry or that his broker-dealer did not allow brokers to borrow money from customers. However, the customer alleges that the firm failed to properly supervise the financial advisor and engaged in elder financial fraud.Silver Law Group filed a FINRA arbitration claim on behalf of an investor who suffered losses after her financial adviser convinced her to loan him money, and then failed to repay it. The financial adviser developed a position of trust and confidence with Silver Law Group’s client, then convinced her that he had a unique investment opportunity which would make large profits for both of them. The adviser never disclosed that this is an improper practice in the brokerage industry or that his broker-dealer did not allow brokers to borrow money from customers. However, the customer alleges that the firm failed to properly supervise the financial advisor and engaged in elder financial fraud. Continue reading ›

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Mario Rivero Jr. (Mario Everildo Rivero Jr., CRD# 5856503), 38, is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Red Bank, NJ. His only prior industry employment was with Wells-Fargo Clearing Services, LLC (CRD#:19616) of Elizabeth, NJ.  He has been in the industry since 2010. After a FINRA investigation and two sets of charges, he has been arrested in two separate cases. The FINRA Investigation And Ban Rivero has only one disclosure in his FINRA record that involves a similar investigation, leading to his indefinite and permanent bar from the securities industry. Rivero was a broker and investment advisor at Wells Fargo for a total of nine years, then resigned to join LPL Financial. Wells Fargo originally filed a Form U5 termination form stating that Rivero had voluntarily resigned. However, Wells Fargo amended the Form U5 on April 22nd, 2021. After his move to LPL, Wells Fargo received complaints from two of Rivera's customers, indicating that he may have misappropriated some of their funds. Rivero remained registered with LPL until 06/04/2021. FINRA then began an investigation, which included requesting documents and information from Rivero regarding this matter. FINRA made the request on May 3rd, 2021. In a phone call on May 18th, 2021, with FINRA staff, Rivero's legal counsel acknowledged the receipt of FINRA’s requests, but declined to produce any information or documentation requested at any time. By doing so, Rivero violated several of FINRA’s rules, leading to sanctioning. This sanction included a permanent bar from associating with any FINRA member in all capacities. Rivero signed a letter of Acceptance Waiver And Consent (AWC), and the bar became final on June 4th, 2021.Mario Rivero Jr. (Mario Everildo Rivero Jr., CRD# 5856503), 38, is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Red Bank, NJ. His only prior industry employment was with Wells-Fargo Clearing Services, LLC (CRD#:19616) of Elizabeth, NJ.  He has been in the industry since 2010.

After a FINRA investigation and two sets of charges, he has been arrested in two separate cases. Continue reading ›

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FINRA recently barred four brokers after they were individually found to have engaged in elder financial abuse. All four have been barred indefinitely after separate FINRA disciplinary actions. All four have signed Acceptance, Waiver & Consent (AWC) letters after the hearings to settle the claims. They are no longer working for or affiliated with a FINRA broker dealer, by order of the hearing officers in each case. Misappropriation of Client Funds - David Wells, CRD#: 6774493 This broker has two additional names listed in Brokercheck: David Sheldon Wells David Wells He has been in the industry since 2017 and has worked for two broker dealers: Fifth Third Securities, Inc. (CRD#:628) Of Chicago, IL Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Chicago, IL On 06/03/2021, Fifth Third Securities allowed Wells to resign after allegations surfaced that he misappropriated client funds from three of his clients.FINRA recently barred four brokers after they were individually found to have engaged in elder financial abuse. All four have been barred indefinitely after separate FINRA disciplinary actions. All four have signed Acceptance, Waiver & Consent (AWC) letters after the hearings to settle the claims. They are no longer working for or affiliated with a FINRA broker dealer, by order of the hearing officers in each case. Continue reading ›

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The recent case of Beverly Schottenstein Vs. JP Morgan and the Schottenstein Brothers was a very strong reminder of the problem of elder abuse. Specifically, financial abuse among elderly people who, in some cases, may not understand they’ve been defrauded. While Ms. Schottenstein knew her grandsons were defrauding her, she was able to get justice (and a financial settlement) in her case. Other elders that don’t have as much money or realize they are being defrauded may not be as fortunate. Financial institutions now have the opportunity to stop a case of elder financial fraud before it happens. Elder Financial Fraud By The Numbers The FBI’s Internet Crime Complaint Center (ICCC) in their Elder Fraud Report for 2020, reports that more than 105,000 victims over the age of 60 lost $1 billion dollars through various schemes just last year. These scams can include: Extortion Non-payment/non-delivery (more prevalent since the increase of online ordering during the pandemic) Tech support (i.e., “I’m calling from Microsoft about the virus on your computer”) Identity TheftThe recent case of Beverly Schottenstein Vs. JP Morgan and the Schottenstein Brothers was a very strong reminder of the problem of elder abuse. Specifically, financial abuse among elderly people who, in some cases, may not understand they’ve been defrauded.

While Ms. Schottenstein knew her grandsons were defrauding her, she was able to get justice (and a financial settlement) in her case. Other elders that don’t have as much money or realize they are being defrauded may not be as fortunate. Continue reading ›

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Jimmie Summers (Jimmie Darrel Summers CRD#: 1467286, aka, Jim Summers, Jimmy Daryl Summers, Jimmy Summers) is a former registered broker and investment advisor. His last known employer was Waddell & Reed (CRD#:866) of Tulsa, OK. Previous employers include Cetera Investment Services LLC (CRD#:15340), also of Tulsa, Bok Financial Securities, Inc. (CRD#:17530) of Sand Springs, OK, and Invest Financial Corporation (CRD#:12984) of Appleton, WI.  He has been in the industry since 1986. FINRA began an investigation after it received a telephone call to its Securities Helpline for Seniors. While employed with Cetera Investment Services, Summers accepted “multiple appointments and designations from one of the firm’s elderly clients.” The client, age 82, made Summers a: Successor trustee of his living trust, allowing Summers to receive 90% of the assets upon this customer’s death Personal representative of the customer’s estate in the will Sole beneficiary for an annuity Agent with power of attorney and medical power of attorney (Summers never used these POAs, and is no longer an agent) Cetera’s firm policies prohibited brokers and investment advisors from being named as a trustee, co-trustee, successor trustee, or executor for a firm customer, or from having power of attorney for a firm customer, or beneficiary in any capacity, unless the customer was also an immediate family member.Jimmie Summers (Jimmie Darrel Summers CRD#: 1467286, aka, Jim Summers, Jimmy Daryl Summers, Jimmy Summers) is a former registered broker and investment advisor. His last known employer was Waddell & Reed (CRD#:866) of Tulsa, OK. Previous employers include Cetera Investment Services LLC (CRD#:15340), also of Tulsa, Bok Financial Securities, Inc. (CRD#:17530) of Sand Springs, OK, and Invest Financial Corporation (CRD#:12984) of Appleton, WI.  He has been in the industry since 1986. Continue reading ›

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Trusts can be a significant part of your estate plan. Some investors may decide to transfer securities into a trust, or leave them as part of their estate to their beneficiaries. Assets that are transferred into a trust is taken out of the estate for the probate process. The expectation is that the beneficiaries will later have the benefit of the investments after the original owner passes in accordance with the deceased’s wishes. Occasionally, a person will also select a stockbroker or other financial services person to serve as a trustee. A trustee and/or executor are supposed to act in the best interest of the beneficiaries. However, this isn’t always the case. The Trustee A fund’s trustee has the job of overseeing the funds in the trust, and keeping extensive records of all funds coming in and payments going out. This is in addition to preparing tax returns for the trust.Trusts can be a significant part of your estate plan. Some investors may decide to transfer securities into a trust, or leave them as part of their estate to their beneficiaries.

Assets that are transferred into a trust are taken out of the estate for the probate process. The expectation is that the beneficiaries will later have the benefit of the investments after the original owner passes in accordance with the deceased’s wishes. Continue reading ›

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