TRENTON – A Hillsborough man was sentenced Friday to 78 months in federal prison and ordered to pay $1.47 million in restitution to his victims for engaging in a $2 million Ponzi scheme targeting elderly investors and for filing a false tax return.
Daniel Rivera, 51, a former financial adviser, previously pleaded guilty before U.S. District Judge Anne E. Thompson to one count of wire fraud and one count of subscribing to a false tax return. Thompson sentenced Rivera in federal court.
In addition, Thompson ordered Rivera to pay $284,863 in restitution to the IRS.
From 2008 through 2017, Rivera primarily solicited elderly investors to invest in a company called Robbins Lane Properties Inc, court papers say.
Rivera, who was the principal of Rivera & Associates and Strategic Wealth Partners of New Jersey with offices in Bridgewater, represented to investors that Robbins Lane was a company staffed by experienced real estate professionals that invested in…