August 25, 2010
Office of The Attorney General
– Paula T. Dow, Attorney General
Division of Criminal Justice
– Stephen J. Taylor, Director
Office of the Insurance Fraud Prosecutor
– Riza Dagli, Acting Insurance Fraud Prosecutor
Media Inquiries-
609-292-4791
Citizen Inquiries-
609-292-4925
Former North Jersey Insurance Agent Indicted for Allegedly 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 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.
###