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TRENTON
Attorney General Paula T. Dow and Criminal
Justice Director Stephen J. Taylor announced
that a former North Jersey insurance agent
has been charged in a state grand jury indictment
for allegedly defrauding nine clients out
of more than $1.9 million.
According
to Acting Insurance Fraud Prosecutor Riza
Dagli, Daniel J. Trolaro, 34, of Oakland,
who was a licensed insurance producer, securities
dealer and certified financial planner working
for Prudential Insurance Company of America's
West Essex Agency in East Hanover, was charged
yesterday (Aug. 24) with first-degree financial
facilitation of criminal activity (money
laundering), eight counts of second-degree
theft by failure to make required disposition
of property, and two counts of third-degree
theft by failure to make required disposition
of property.
The
indictment alleges that between June 4,
2008 and Feb. 12, 2010, Trolaro committed
theft by obtaining $1,918,000 from nine
clients, which he was supposed to invest
on their behalf, but which he instead kept
for his personal use. The amounts allegedly
stolen from the nine clients ranged from
$46,000 to $910,000. The investigation revealed
that he allegedly used the majority of the
money for online gambling. After discovering
the alleged fraud, Prudential fired Trolaro
and referred the matter to the Office of
the Insurance Fraud Prosecutor for further
investigation.
Detective Sherri Stevens and Assistant Attorney
General John Kennedy were assigned to the
investigation into this case. Kennedy presented
the case to the state grand jury. Acting
Insurance Fraud Prosecutor Dagli thanked
Prudential for its assistance in the investigation.
The indictment is merely an accusation and
the defendant is presumed innocent until
proven guilty. First-degree money laundering
carries a maximum sentence of 20 years in
state prison and a criminal fine of $500,000,
while crimes of the second degree carry
a maximum sentence of 10 years in state
prison and a criminal fine of $150,000.
Third-degree crimes carry a maximum sentence
of five years in state prison and a criminal
fine of $15,000.
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