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.