Carlo Chiaese, a Westfield, N.J. investment advisor, was arrested yesterday for allegedly defrauding a New York City pension fund and other investors out of $2.4 million.

The Springfield, N.J. resident surrendered Oct. 5 in Newark to federal authorities in connection to charges that he used a “vast majority of the money” to “fund his lavish lifestyle and “repay different investors in Ponzi-scheme fashion,” the complaint states.

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