Union Co. Investment Advisor Jailed For Stealing $600K From Clients

UNION COUNTY, NJ — A former investment advisor from Union County who stole more than $600,000 from his clients to fund his gambling and personal expenses was sentenced Tuesday to 42 months in prison, U.S. Attorney Philip R. Sellinger announced.

Mario E. Rivero Jr., 39, of Elizabeth, previously pleaded guilty on Feb. 2 to an information charging him with one count each of wire fraud and securities fraud.

From April 2018 through November 2020, Rivero, who was serving as an investment advisor employed at a large brokerage firm, misused $626,478 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.

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