Ex-Merrill Lynch Adviser Charged With $1M Theft

Law360, Chicago (October 6, 2016, 2:47 PM EDT) -- A former Chicago-based investment adviser with Merrill Lynch was charged on Wednesday with stealing more than $1 million from two of his clients, money that he allegedly funneled through a local chamber of commerce before it made its way into his pocket.

Alec Rivera faces one count of wire fraud for allegedly transferring $1,065,381 out of investment accounts belonging to two of his clients without their knowledge, according to an information filed on Wednesday. Prosecutors said that Rivera transferred the money to bank accounts belonging to the Philippine American Chamber of Commerce of Greater Chicago, where he was treasurer, before cutting...

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