Crime & Safety
Former Darien Resident Stole $1.2 Million from an Elderly Client: Feds
The suspect pleaded guilty Thursday and also admitted to liquidating the victim's coin collection and defrauding two other people.
Written by BRIAN MCCREADY (Patch Staff)
Milford, CT - A city resident pleaded guilty to stealing more than $1.2 million from an elderly client, federal authorities said.
Robert N. Tricarico, 60, of Milford, pleaded guilty yesterday in Hartford federal court to one count of wire fraud related to his misappropriation of more than $1.2 million from an elderly client. Tricarico is a former Darien resident.
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Until April 2015, Tricarico was a registered securities broker with the Financial Industry Regulatory Authority. He was formerly employed or associated with various financial firms, including RNT Wealth Management, Northstar Wealth Partners, LPL Financial, and Wells Fargo Advisors Financial Network.
According to court documents and statements made in court, from January 2010 to June 2013, Tricarico acted as a financial advisor for an elderly and infirm victim who had substantial assets.
Tricarico misappropriated more than $1.1 million from the victim by writing numerous checks to himself or for his benefit without the victim’s authorization, federal authorities said in a news release.
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Tricarico also liquidated a coin collection belonging to the victim, and he misappropriated checks made payable to the victim, according to a statement. Tricarico used the stolen funds to make personal expenditures, documents state.
In pleading guilty, Tricarico also admitted that he defrauded two additional victims of $20,000 by falsely representing to them that he would use their investments for a business venture and guaranteed a rate of return, according to a statement. In fact, Tricarico used the victims’ funds for his own personal use, federal officials said.
As part of his plea, Tricarico has agreed to pay restitution in the amount of $1,220,763.90 to the victims of his crime.
Tricarico is scheduled to be sentenced by U.S. District Judge Michael P. Shea on September 20, 2016, at which time he faces a maximum term of imprisonment of 20 years.
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