TRENTON — A former North Jersey insurance agent pleaded guilty today to defrauding nine clients out of more than $1.9 million, Attorney General Paula T. Dow and Criminal Justice Director Stephen J. Taylor announced.
Daniel J. Trolaro, 35, of Oakland, 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, pleaded guilty before Superior Court Judge Thomas V. Manahan in Morris County to second-degree theft by failure to make required disposition of property. The charge was contained in a state grand jury indictment returned on Aug. 24, 2010.
Manahan scheduled sentencing for Aug. 19. Under the plea agreement, the state will recommend that Trolaro be sentenced to 10 years in state prison. He must pay full restitution of $1,918,000 to Prudential Insurance Company.
In pleading guilty, Trolaro admitted that between June 4, 2008 and Feb. 12, 2010, he 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 stolen from the nine clients ranged from $46,000 to $910,000. The investigation revealed that Trolaro used the majority of the money for online gambling. After discovering the fraud, Prudential fired Trolaro and referred the matter to the 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 graduated from Arthur L. Johnson High School in Clark in 1994 and earned a degree from The College of New Jersey in 1998.
Acting Insurance Fraud Prosecutor Ronald Chillemi thanked Prudential for its assistance in the investigation.
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