July 6, 2011
Office of The Attorney General
– Paula T. Dow, Attorney General
Division of Criminal Justice
– Stephen J. Taylor, Director
Office of the Insurance Fraud Prosecutor
– Ronald Chillemi, Acting Insurance Fraud Prosecutor
Media Inquiries-
Peter Aseltine
609-292-4791
Citizen Inquiries-
609-292-4925
Former North Jersey Insurance Agent Pleads Guilty to Defrauding Clients Out of More Than $1.9 Million
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.
In 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.
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