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Elizabeth Investment Advisor Arrested for Stealing Clients’ Money

By kbm0423 on
Elizabeth

A former investment advisor from Union County was arrested today for allegedly stealing more than $500,000 from multiple clients to fund his gambling and personal expenses, U.S. Attorney Philip R. Sellinger announced.

According to U.S. Attorney Sellinger, Mario E. Rivero Jr., 38, of Elizabeth, was charged by complaint with wire fraud, investment advisor 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 at least $529,870 from four 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.