Union County Investment Advisor Stole $600K+ From Clients: Feds

UNION COUNTY, NJ - A former investment advisor based out of Union County pleaded guilty this week to stealing over $600,000 from his clients to fund his own gambling and personal expenses, federal officials said.

Mario E. Rivero Jr., 39, of Elizabeth, pleaded guilty 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 on Friday, U.S. Attorney Philip R. Sellinger said.

Between April 2018 through November 2020, Rivero, while serving as an investment advisor employed by a large brokerage firm, misused $626,478 in funds from five clients, according to documents filed in this case and statements made in court.

Instead of managing and investing the funds legitimately, Rivero unlawfully diverted the funds to use for gambling and other expenses, federal officials said.

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, federal officials said. Sentencing is scheduled for June 27.

Sellinger thanked special agents of the FBI and postal inspectors of the U.S. Postal Inspection Service in Newark with the investigation.