A financial advisor from New Jersey plead guilty this week to stealing $1.9 million from his clients in an effort to fund his online gambling addiction.
Daniel Trolaro, 35, stood before State Superior Court Judge Thomas V. Manahan, and plead guilty to second degree theft by failure to make required disposition of property. The crimes took place between 2008 and 2010 and happened while Trolaro worked for Prudential Insurance Company.
Trolaro stole the funds from nine clients, who placed their money with him under the intent that Trolaro was to invest the money. Because of his gambling addiction, Trolaro lost most of the money, between June 4th, 2008 and February 12, 2010. Amounts stolen were between $46,000 and $910,000.
After Prudential found out about the fraud, they turned the matter over to the New Jersey Office of the Insurance Fraud Prosecutor and fired Trolaro. Prudential has also repaid all of the losses to the clients who had funds stolen.
Under the plea, Trolaro is facing ten years in state prison when he is sentenced on August 19th. He also must pay restitution.