July 17, 2024
Union County Investment Advisor Admits Stealing Client Money
Union County Investment Advisor Admits Stealing Client MoneyNEWARK, N.J. – A former investment advisor who stole over $600,000 from his clients to...

NEWARK, N.J. – A former investment advisor who stole over $600,000 from his clients to fund his gambling and personal expenses has pleaded guilty, U.S. Attorney Philip R. Sellinger announced today.

Mario E. Rivero Jr., 39, of Elizabeth, New Jersey, pleaded guilty on Feb. 2, 2023, before U.S. District Judge Madeline Cox Arleo in Newark federal court to an information charging him with one count each of wire fraud and securities fraud.

According to documents filed in this case and statements made in court:

From April 2018 through November 2020, Rivero, while serving in his capacity as an investment advisor employed by a large brokerage firm, misappropriated $626,478 from five clients. Rivero, who had been entrusted to manage client funds responsibly, instead perpetrated a scheme to defraud multiple clients. He obtained his clients’ money under the fraudulent pretense that he would invest the funds, but instead, Rivero unlawfully diverted the funds to enrich himself and others.

The wire fraud and security fraud counts each carry a maximum potential penalty of 20 years in prison and maximum fines of $1 million, and $5 million, respectively. Sentencing is scheduled for June 27, 2023.

U.S. Attorney Sellinger credited special agents of the FBI, under the direction of Special Agent in Charge James E. Dennehy in Newark, and postal inspectors of the U.S. Postal Inspection Service in Newark, under the direction of Inspector in Charge Christopher Nielsen, Philadelphia Division, with the investigation leading to today’s guilty plea.

The government is represented by Assistant U.S. Attorney Shawn Barnes, Chief of the OCDETF/Narcotics Unit in Newark.

Originally published at https://www.fbi.gov/contact-us/field-offices/newark/news/union-county-investment-advisor-admits-stealing-client-money

originally published at HUMAN RIGHTS - USA DAILY NEWS 24