STATE — A professional organization has issued an interim suspension to a former insurance agent indicted for allegedly defrauding clients out of nearly $2 million.
The Certified Financial Planner Board of Standards, Inc. issued an interim suspension to Daniel J. Trolaro of Oakland on Sept. 28, suspending his right to use the CFP® certification marks, effective immediately.
Trolaro, a 1994 graduate of Arthur L. Johnson High School in Clark, was charged last month in a state grand jury indictment for allegedly defrauding nine clients out of more than $1.9 million.
According to Acting Insurance Fraud Prosecutor Riza Dagli, Trolaro, who was a licensed insurance producer, securities dealer and certified financial planner working for Prudential Insurance Company of America’s West Essex Agency in East Hanover, was charged with first-degree financial facilitation of criminal activity (money laundering), eight counts of second-degree theft by failure to make required disposition of property, and two counts of third-degree theft by failure to make required disposition of property.
The indictment alleges that between June 4, 2008 and Feb. 12, 2010, Trolaro committed theft by obtaining $1,918,000 from nine clients, which he was supposed to invest on their behalf, but which he instead kept for his personal use. The amounts allegedly stolen from the nine clients ranged from $46,000 to $910,000.
The investigation revealed that he allegedly used the majority of the money for online gambling. After discovering the alleged fraud, Prudential fired Trolaro and referred the matter to the Office of the Insurance Fraud Prosecutor for further investigation. Dagli thanked Prudential for its assistance in the matter.
The indictment is merely an accusation and the defendant is presumed innocent until proven guilty. First-degree money laundering carries a maximum sentence of 20 years in state prison and a criminal fine of $500,000, while crimes of the second degree carry a maximum sentence of 10 years in state prison and a criminal fine of $150,000. Third-degree crimes carry a maximum sentence of five years in state prison and a criminal fine of $15,000.
Connect with NJTODAY.NET
Join NJTODAY.NET's free Email List to receive occasional updates delivered right to your email address!