N.J. Advisor Admits To Gambling Away Client Money
A former N.J. financial advisor has pleaded guilty to stealing $1.9 million in client money and losing most of it to feed an online gambling addiction.
Daniel J. Trolaro, 35, of Hawthorne, N.J., admitted to state Superior Court Judge Thomas V. Manahan in Morristown, N.J., to one count of theft of $1.9 million between 2008 and 2010, on Wednesday, according to the New Jersey State Office of the Attorney General. Most of his victim were New Jersey residents.
According to Acting Insurance Fraud Prosecutor Ronald Chillemi, Trolaro pleaded guilty to second-degree theft by failure to make required disposition of property. The charge was contained in a state grand jury indictment returned on August 24, 2010.
A licensed insurance producer, securities dealer and certified financial planner, Trolaro worked for Prudential Insurance Company of America's agency in East Hanover, N.J.
Trolaro admitted that between June 4, 2008, and February 12, 2010, he stole $1,918,000 that nine clients placed under his management for investment purposes. Instead of investing the funds, Trolaro lost most of the money in online gambling, according to prosecutors. The amounts stolen from teach of the clients ranged from $46,000 to $910,000.
After discovering the fraud, Prudential fired Trolaro and referred the matter to the N.J. Office of the Insurance Fraud Prosecutor for further investigation. Prudential has paid the victims all of their losses so they have been made whole.
Trolaro is scheduled to be sentenced on August 19. Under the plea agreement, the state will recommend that Trolaro be sentenced to ten years in state prison. He must pay full restitution to Prudential Insurance Company.
—Jim McConville
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