A Somerset County man was sentenced to 78 months in prison for engaging in a $2 million Ponzi scheme targeting elderly investors and for subscribing to a false tax return.
Daniel Rivera, 51, of Hillsborough, a former financial advisor, previously pleaded guilty before U.S. District Judge Anne E. Thompson to a superseding information charging him with one count of wire fraud and one count of subscribing to a false tax return.
Thompson imposed the sentence on April 30 in Trenton federal court, according to information provided by Acting U.S. Attorney Rachael A. Honig announced.
According to documents filed in this case and statements made in court, from 2008 through 2017, Rivera solicited primarily elderly investors to invest their money in a company called Robbins Lane Properties Inc.
Rivera represented to investors that Robbins Lane was a company staffed by experienced real estate professionals that invested in real estate…