A former registered securities broker with ties to a local brokerage waived his right to indictment and pleaded guilty Thursday in Hartford federal court to one count of wire fraud for stealing more than $1.2 million from an elderly client.
Robert N. Tricarico, 60, of Milford and formerly of Darien, was a registered securities broker with the Financial Industry Regulatory Authority until April 2015. 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 Jan. 2010 to June 2013, Tricarico acted as a financial advisor for an elderly victim who had substantial assets. Tricarico stole more than $1.1 million from the victim by writing numerous checks to himself or for his benefit without the victim’s authorization.
Tricarico also liquidated a coin collection belonging to the victim, and he misappropriated checks made payable to the victim. He used the stolen funds to make personal expenditures.
In pleading guilty, federal authorities said 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. Instead, he used the victims’ funds for his own personal use.
As part of his plea, Tricarico has agreed to pay restitution in the amount of $1.2 million to the victims of his crime. He is scheduled to be sentenced Sept. 20, 2016, at which time he faces a maximum term of imprisonment of 20 years.
