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.
Trump to Issue Order Creating National AI Rule 
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
Dunkin’ Cashier in Georgia, Stabbed by Rapper, Can’t Claim More Than Workers’ Comp 
Applied Systems, Comulate Spar Over Trade Secret Theft Allegations 
