Connecticut Insurance Agent Faces Sentencing for Fraud

February 22, 2010

A Waterbury businessman faces sentencing for ripping off clients of more than $1.3 million, which he used to gamble at Connecticut’s casinos.

Thomas Cipriano has pleaded guilty to mail fraud and money laundering. The 54-year-old is scheduled to be sentenced today in federal court in New Haven.

Cipriano operated an insurance and financial services agency. Authorities say he lost his clients’ money at the casinos and also used some of it to pay personal expenses or to make “lulling” payments to other clients. Prosecutors say many of his victims were at or near retirement age and lost life savings.

Cipriano says his conduct was wrong. He says he intended to repay everyone who loaned him money, but he borrowed too much and was unable to keep up with his payments.

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