By: Richard L. Smith
U.S. Attorney Philip R. Sellinger said a former investment advisor who stole over $600,000 from his clients to fund his gambling and personal expenses was sentenced today to 42 months in prison.
Federal officials said Mario E. Rivero Jr., 39, of Elizabeth, 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.
Judge Arleo imposed the sentence today in Newark federal court.
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.
In addition to the prison term, Judge Arleo sentenced Rivero to three years of supervised release.