TRENTON — A former North Jersey insurance agent was sentenced to six years in state prison today for defrauding nine clients out of more than $1.9 million, Attorney General Paula T. Dow and Criminal Justice Director Stephen J. Taylor announced.
According to Acting Insurance Fraud Prosecutor Ronald Chillemi, 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, was sentenced to six years in state prison by Superior Court Judge Thomas V. Manahan in Morris County.
Trolaro, a former Clark resident, was also ordered to execute a civil consent judgment in favor of Prudential Insurance Company for $2,073,828 and to pay $75,000 in restitution. The sentence was based on Trolaro’s guilty plea 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.
In pleading guilty on July 6, 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 repaid all of the victims that sought restitution.
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