Daneil J. Trolano, a former Prudential planner and insurance agent from East Hanover, N.J., was disciplined by CFP Board for allegedly defrauded nine clients out of a total of $1.9 million, which he then used for online gambling, according to the New Jersey Office of the Attorney General.
In March, CFP Board permanently revoked Trolaro’s right to use the CFP certification marks. The board’s action came at the end of a lengthy investigation by other authorities. Trolaro admitted to stealing money from clients between June 4, 2008 and Feb. 12, 2010, according to the state attorney general’s office. The amounts stolen ranged from $46,000 to $910,000.
Trovalo, who worked for Prudential Insurance Co. of America's West Essex Agency in East Hanover, was sentenced to six years in state prison by Superior Court Judge Thomas V. Manahan in Morris County in August. He was also ordered to execute a civil consent judgment in favor of Prudential for $2,073,828 and to pay $75,000 in restitution.
A call to Trolaro's defense counsel John Bruno, of Rutherford, N.J., was not immediately returned.
After discovering the fraud, Prudential fired Trolaro and referred the matter to the New Jersey Office of the Insurance Fraud Prosecutor for further investigation. Prudential has repaid all of the victims that sought restitution, according to the attorney general’s office.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access