Ex-insurance brokered must repay clients
PITTSBURGH — A former insurance broker from Cranberry Township was ordered to repay nearly $300,000 he took from clients.
David Giancola, 52, of 442 Settlers Village Circle on Wednesday was sentenced to pay restitution and serve 21 months in prison on his conviction of mail fraud.
According to a news release from the office of United States Attorney Mary Beth Buchanan, Giancola misappropriated money that was given to him by 39 clients for insurance premium payments.
To conceal the misappropriation, Giancola funded some of the insurance premiums by getting financing from different financing companies.
Giancola applied for the financing in the name of his clients, but listed his address as the client's address.
Giancola, charged in federal court, was sentenced by Chief United States Judge Donetta Ambrose.
