Former N.J. Advisor Sentenced In $2M Ponzi Scheme — Scam Guards
A former financial advisor was sentenced to more than six years in prison on Friday for ripping off elderly investors in a $2 million Ponzi scheme that he used to pay his child’s tuition, according to the U.S. Attorney’s Office in New Jersey.
Daniel Rivera, a 51-year-old former advisor from Hillsborough, N.J., solicited funds from aging investors for a company called Robbins Lane Properties Inc., which he told them invested in real estate ventures. Despite his claims that the company had real estate professionals on staff, it had no employees or real estate on its books, said the Department of Justice. Instead, Rivera used new investor money to pay back other investors. The department put the size of the scheme at $2 million.
The department also said that Rivera filed a false tax return and underreported his taxable income by $33,276. …