Shocking Tale Of Elder Financial Abuse By Stockbroker David Del Rio

David Del Rio (aka “Chico Del Rio”, CRD: #4771963) is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of San Diego, CA. Previous employers include Suntrust Investment Services, Inc. (CRD#:17499) of Fort Meyers, FL, LPL Financial LLC (CRD#:6413) of Bellmore, NY, and IFMG Securities, Inc. (CRD#:14416) of Naples, FL. He has been in the industry since 2008.

On 9/13/2018, a Probable Cause Affidavit was filed in Palm Beach County Circuit Criminal Court in the State of Florida, leading to an investigation of allegations against Del Rio for:

2 counts felony Exploitation of the Elderly
2 counts felony Money Laundering $100K or more
1 count felony Organized Scheme to Defraud 50K or more
6 counts Fraudulent Use of Personal ID over $5K
1 count Fraudulent Use of Personal ID over $50K
10 counts felony Grand Theft 65 or older $10K or more
6 counts felony Grand Theft 65 or older $50K or more

On 10/24/2018, pending criminal charges were filed against Del Rio, including:

Exploitation of an Elderly Person or Disabled Adult
Fraudulent Use of Personal Identification Information
Organized Scheme to Defraud
Grand Theft
Money Laundering

South Florida Stockbroker Elder Abuse

The 35-year-old financial advisor accused of taking millions of dollars from a widow who was found stabbed to death in her Highland Beach condominium was granted bond after a court hearing Monday afternoon. Circuit Judge Glenn Kelley ordered that David Del Rio be held on $463,000 on 72 charges ranging from grand theft of the elderly to exploitation of an elderly person. Del Rio, who was the financial advisor for William “Billy” and Elizabeth “Betty” Cabral, originally was charged with 28 counts, but after further investigation, authorities discovered Del Rio had been taking money from the elderly couple since at least 2013, according to prosecutors.

Unfortunately, elder financial abuse is a growing problem in this country. Silver Law Group has represented victims of abuse by stockbrokers, lawyers, accountants, and other professionals that the average person relies upon to help navigate the retirement years. Our attorneys have handled shocking cases of abuse, theft and borrowing of customer funds by stockbrokers and other professionals.

FINRA issued a request for information to Del Rio, which he failed to answer. He was notified of his suspension in two letters, dated 1/30/2020 and 2/24/2020. Del Rio failed to request a termination of his suspension, and was barred in all capacities effective 5/4/2020.

Did You Or A Loved One Invest Money With David Del Rio?

Silver Law Group represents investors in securities and investment fraud cases, as well as elder financial abuse cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.