Former NJ Agent Sentenced to Jail for Stealing $1.9 Million From Clients

A former New Jersey insurance agent was sentenced to six years in state prison for defrauding nine clients out of more than $1.9 million, state law enforcement officials said.

Daniel J. Trolaro, of Oakland, N.J., was a licensed insurance producer, securities dealer and certified financial planner working for Prudential Insurance Company of America'sWest Essex Agency in East Hanover, N.J.

Superior Court Judge Thomas V. Manahan in Morris County sentenced Trolaro to six years in jail, and also ordered him to pay Prudential Insurance Co.$2 million and pay $75,000 in restitution.

As part of a plea agreement, Trolaro admitted he stole the money from clients between June 4, 2008, and Feb. 12, 2010. The amounts stolen from clients ranged from $46,000 to $910,000, according to Acting Insurance Fraud Prosecutor Ronald Chillemi.

Trolaro was supposed to invest the money on behalf of his clients, but he instead used most of it for online gambling, authorities said (Best's News Service, July 7, 2011).

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, authorities said.

Prudential Insurance Co. of America currently has a Best's Financial Strength Rating of A+ (Superior).

(By Meg Green, senior associate editor, BestWeek: [email protected])