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David Quatrella, 62, was sentenced to 36 months in prison followed by three years of supervised released, according to Deirdre M. Daly, United States Attorney for the District of Connecticut.
According to court documents, Quatrella conducted the scheme with insurance brokers in California, New Jersey and Florida between June 2008 and January 2016. Quatrella and his co-conspirators would assist elderly people with purchasing multimillion dollar life insurance policies. He told the elderly people that they would not have to pay, and instead would pay for the premiums with money borrowed from a third-party source.
Quatrella told the insured people that they would get two years of free insurance, after which they would sell the policy and share the proceeds. He also told the third-party investors that they would receive a share of the profits as well.
Daly said that Quatrella and his co-conspirators would submit applications to the life insurance companies that contained false information and did not disclose the third-party investors. Quatrella and his co-conspirators received large commissions from the providers as a result.
Quatrella personally profited approximately $272,000 as a result of the scheme. The insurance providers were exposed to a total loss of nearly $15 million, though no death benefits were paid on any of the policies.
On Jan. 4, Quatrella pleaded guilty to one count of conspiracy to commit wire fraud. He has also agreed to forfeit $272,000. He has voluntarily surrendered his law license, and has been ordered to report to prison on July 28.
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