Ex-Agent Gets Five Years for Connecticut Fraud

May 6, 2010

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.

Was this article valuable?

Here are more articles you may enjoy.