TRENTON - Attorney General
Paula T. Dow and Criminal Justice Director
Stephen J. Taylor announced that a former
North Jersey insurance agent pleaded guilty
today to defrauding nine clients out of
more than $1.9 million.
According to Acting Insurance
Fraud Prosecutor Ronald Chillemi, Daniel
J. Trolaro, 35, 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, pleaded
guilty before Superior Court Judge Thomas
V. Manahan in Morris County to second-degree
theft by failure to make required disposition
of property. The charge was contained in
a state grand jury indictment returned on
August 24, 2010.
Judge Manahan scheduled
sentencing for Aug. 19. Under the 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 Insurance Company.
pleading guilty, Trolaro admitted that between
June 4, 2008 and Feb. 12, 2010, he 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 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 repaid all of the victims
that sought restitution.
Detective Sherri Stevens
and Assistant Attorney General John Kennedy
were assigned to the investigation. Kennedy
represented the state at the guilty plea
hearing. Acting Insurance Fraud Prosecutor
Chillemi thanked Prudential for its assistance
in the investigation.