Elizabeth, NJ

Former NJ Investment Advisor Pleads Guilty to Stealing $600K from Clients for Gambling and Personal Use

Morristown Minute

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Former NJ Investment Advisor Pleads Guilty to Stealing $600K from Clients for Gambling and Personal Use.Photo byTingey Injury Law FirmonUnsplash

A former investment advisor from Elizabeth, New Jersey, has admitted to stealing over $600,000 from five clients between 2018 and 2020. The case was investigated by the FBI and U.S. Postal Inspection Service and will be prosecuted by the U.S. Attorney's Office.

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Mario E. Rivero Jr., a former investment advisor from Elizabeth, New Jersey, has pleaded guilty to charges of wire fraud and securities fraud in a federal court in Newark. The 39-year-old defendant admitted to stealing over $600,000 from five clients between April 2018 and November 2020.

According to court documents and statements, Rivero, who was employed by a large brokerage firm at the time, misused his position as an investment advisor to defraud multiple clients by obtaining their funds under false pretenses. He promised to invest the funds on behalf of his clients but instead used the money for his own personal expenses and gambling.

Rivero faces a maximum sentence of 20 years in prison and fines of up to $1 million for the wire fraud charge and up to $5 million for the securities fraud charge. His sentencing is set for June 27, 2023.

The investigation that led to Rivero's guilty plea was carried out by special agents of the FBI and postal inspectors of the U.S. Postal Inspection Service in Newark, with credit given to U.S. Attorney Philip R. Sellinger. The case is being prosecuted by Assistant U.S. Attorney Shawn Barnes, Chief of the OCDETF/Narcotics Unit in Newark.

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