A former New Jersey insurance agent has pleaded guilty to defrauding nine clients out of more than $1.9 million, state prosecutors said.
Daniel J. Trolaro, 35, of Oakland, was working for Prudential Insurance Co. of America’s West Essex Agency in East Hanover. In pleading guilty, Trolaro admitted that between June 4, 2008 and Feb. 12, 2010, he obtained $1.9 million from nine clients, which he was supposed to invest on their behalf, but which he kept for his personal use. The amounts stolen from the nine clients ranged from $46,000 to $910,000.
The investigation revealed that Trolaro used the majority of the money for online gambling. After discovering the fraud, Prudential fired Trolaro and referred the matter to the Office of the Insurance Fraud Prosecutor for further investigation. Prudential has paid the victims all of their losses so they have been made whole.
He pleaded guilty to second-degree theft by failure to make required disposition of property. Sentencing is set for next month. Under a plea agreement, the state will recommend that Trolaro be sentenced to 10 years in state prison. He must pay full restitution of $1,918,000 to Prudential.
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