Federal prosecutors say a Waterbury businessman has admitted to ripping off more than $1.3 million from clients that authorities say was used to gamble at Connecticut’s casinos.
The U.S. Attorney’s office said 54-year-old Thomas Cipriano — who owned Waterbury-based insurance and financial services firms Cipriano Agency and Selective Benefits Group — pleaded guilty Friday in New Haven to mail fraud and money laundering.
Authorities said Cipriano lost his clients’ money at the casinos and used some to pay personal expenses or to make “lulling” payments to other clients.
Cipriano faces up to 30 years in prison and a fine of up to $3 million and restitution when he is sentenced Jan. 18.
His public defender, Thomas Dennis, did not immediately return a call seeking comment.
Topics Agencies Fraud Connecticut
Was this article valuable?
Here are more articles you may enjoy.
Older, Wealthier Renters Drive Changes in Insurance Needs 
Zurich Sees Data Center Boom Spurring Insurance Securitization 
Read 14-Point Draft Memorandum of Understanding Between the US and Iran 
Hacking Group Claims Major Hack of Novo Nordisk and Attempted $25M Extortion 
