Conn. businessman faces sentencing for fraud

The News Leader

May 2, 2010 12:49:33 PM PDT
A Waterbury businessman faces sentencing for stealing more than $1.3 million from clients and using the money to gamble at Connecticut's casinos. Thomas Cipriano has pleaded guilty to mail fraud and money laundering. The 54-year-old is scheduled to be sentenced Tuesday in federal court in New Haven.

Cipriano operated an insurance and financial services agency.

Authorities say he lost his clients' money at the casinos and used some of it to pay personal expenses or to make "lulling" payments to other clients. Prosecutors say many of his victims were at or near retirement age, and lost life savings.

Cipriano says his conduct was wrong. He says he intended to repay everyone, but borrowed too much and was unable to keep up with his payments.