Online gambling problem leads to financial advisor´s downfall

A New Jersey financial advisor ruined both his career and his reputation, and prejudiced his clients, through his inability to control his internet gambling, a court of law heard this week.
Daniel J. Trolaro (35) pleaded guilty to stealing  $1.9 million in client money and losing most of it to feed an online gambling addiction before state Superior Court Judge Thomas V. Manahan. The offence occurred between 2008 and 2010, according to the New Jersey State Office of the Attorney General.
Most of Trolaro’s victims were New Jersey residents.
Acting Insurance Fraud Prosecutor Ronald Chillemi, revealed that Trolaro pleaded guilty 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.
A licensed insurance producer, securities dealer and certified financial planner, Trolaro worked for Prudential Insurance Company of America’s agency in East Hanover, N.J.
Trolaro admitted that between June 4, 2008, and February 12, 2010, he stole $1,918,000 that nine clients placed under his management for investment purposes. Instead of investing the funds, Trolaro lost most of the money in online gambling, according to prosecutors. The amounts stolen from each of the clients ranged from $46,000 to $910,000.
After discovering the fraud, Prudential fired Trolaro and referred the matter to the N.J. Office of the Insurance Fraud Prosecutor for further investigation.
Prudential has paid the victims all of their losses so they have been made whole.
Trolaro is scheduled to be sentenced on August 19. Under the plea agreement, the state will recommend that Trolaro be sentenced to ten years in state prison. He must pay full restitution to Prudential Insurance Company.

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