Willimantic Stockbroker Sentenced on Fraud Charges
Note: this press release was issued by the Division of Criminal Justice
and not by the Department of Banking. For further information, please contact
the Division of Criminal Justice at (860) 258-5997.
May 11, 2001 -
Chief State's Attorney John M. Bailey announced today that James Pabilonia, d.o.b. 10/20/45, of Willimantic, Connecticut, was sentenced on fraud charges in connection with the embezzlement of funds from several elderly clients.
On May 11, 2001, at the Danielson Superior Court, Mr. Pabilonia pled guilty to three counts of Larceny in the First Degree and one count each of Fraud in the Sale of Securities and Unregistered Broker Activity.
During his plea, Mr. Pabilonia admitted to embezzling funds from his clients' investment accounts, transferring clients' assets without proper authorization, and misappropriating clients'insurance proceeds and other property. After hearing argument from both the State and defense counsel and considering the statements of the victims, the Honorable Francis J. Foley sentenced Pabilonia to a total effective sentence of twelve years incarceration, suspended after 6 years. Upon his release from prison, Pabilonia will serve five years of probation. During the probation period, Pabilonia must make restitution to the victims in the total amount of $536,000.
This case was investigated by the Connecticut State Police in conjunction with Inspectors and Forensic Fraud Examiners from the Office of the Chief State's Attorney. The case was prosecuted by the Statewide Prosecution Bureau in Mr. Bailey's Office.