ELIZABETH, NJ – An Elizabeth man who misappropriated over $600,000 from clients in order to fulfill his gambling habit and personal needs has pleaded guilty in federal court.
Mario E. Rivero Jr., 39, of Elizabeth, New Jersey, pleaded guilty to one count each of wire fraud and securities fraud.
According to documents filed in this case and statements made in court:
U.S. Attorney Philip R. Sellinger said that 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,” Sellinger said.