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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
was sentenced to six years in state prison
today for 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, was sentenced
to six years in state prison by Superior
Court Judge Thomas V. Manahan in Morris
County. Trolaro was also ordered to execute
a civil consent judgment in favor of Prudential
Insurance Company for $2,073,828 and to
pay $75,000 in restitution. The sentence
was based on Trolaro’s guilty plea
to second-degree theft by failure to make
required disposition of property. The charge
was contained in a state grand jury indictment
returned on Aug. 24, 2010.
In
pleading guilty on July 6, 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 sentencing. Acting Insurance Fraud
Prosecutor Chillemi thanked Prudential for
its assistance in the investigation.
Acting
Insurance Fraud Prosecutor Chillemi noted
that some important cases have started with
anonymous tips. People who are concerned
about insurance cheating and have information
about a fraud can report it anonymously
by calling the toll free hotline at 1
877 55 FRAUD, or by visiting the
Web site at www.NJInsurancefraud.org.
State regulations permit a reward to be
paid to an eligible person who provides
information that leads to an arrest, prosecution
and conviction for insurance fraud.
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