A Connecticut financial adviser has been sentenced to five years in prison for defrauding more than two dozen clients of more than $2 million and losing the money while gambling in casinos.
Thomas Cipriano was sentenced Tuesday in federal court in New Haven. The 54-year-old Waterbury resident pleaded guilty last October to mail fraud and money laundering.
Federal prosecutors say Cipriano persuaded clients to take their money from investments and personal bank accounts and give him the money to be invested.
However, authorities say Cipriano did not invest his clients’ money but instead laundered the money through his personal bank accounts and lost most of it while gambling at casinos in Connecticut.
Topics Agencies Fraud Connecticut
Was this article valuable?
Here are more articles you may enjoy.
Judge Tosses Buffalo Wild Wings Lawsuit That Has ‘No Meat on Its Bones’ 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
