ALBANY, N.Y. (March 16, 2010) - Attorney General Andrew M. Cuomo today announced the arrest of a Queensbury insurance agent who defrauded a Fort Ann couple by stealing money they had given to him to purchase insurance policies.
The complaint alleges that Joseph A. Marvullo, 60, of Queensbury, who was self-employed as an independent insurance agent, met several times at the home of the Fort Ann couple who wished to purchase life insurance, disability insurance and annuity life insurance policies. Marvullo represented to the couple that he could sell them annuity policies, as an investment, which would yield to them a high interest rate. Marvullo convinced the couple to invest $26,100 with him by writing checks made payable directly to him. Marvullo never purchased any annuity policies, and never returned the money to the couple when they demanded it back.
"This couple was wisely planning for their future, but instead of getting financial and emotional security they fell prey to an alleged scam," said Attorney General Cuomo.
The Attorney General's investigation into Marvullo's conduct is continuing. If there are additional consumers who invested with Marvullo and feel that they may have been defrauded, they are requested to contact the Office of the Attorney General at 518-474-4096.
Marvullo was arraigned today in the Fort Ann Justice Court before the Hon. James Richardson on a Felony Complaint charging one count of Grand Larceny in the Third Degree, a Class D Felony. The maximum penalty for this charge is seven years in jail.
The case is being prosecuted by Assistant Attorney General Catherine Leahy-Scott under the supervision of Deputy Bureau Chief Richard Ernst and Bureau Chief Gail Heatherly. This was investigated by Office of the Attorney General Investigator Leslie M. Arp under the supervision of Deputy Chief Investigator David Adams in conjunction with New York State Police Senior Investigator Thomas M. Aiken and Investigator Tracy H. Snell.
The charges against Marvullo are merely accusations, and the defendant is presumed innocent until and unless proven guilty.
The complaint alleges that Joseph A. Marvullo, 60, of Queensbury, who was self-employed as an independent insurance agent, met several times at the home of the Fort Ann couple who wished to purchase life insurance, disability insurance and annuity life insurance policies. Marvullo represented to the couple that he could sell them annuity policies, as an investment, which would yield to them a high interest rate. Marvullo convinced the couple to invest $26,100 with him by writing checks made payable directly to him. Marvullo never purchased any annuity policies, and never returned the money to the couple when they demanded it back.
"This couple was wisely planning for their future, but instead of getting financial and emotional security they fell prey to an alleged scam," said Attorney General Cuomo.
The Attorney General's investigation into Marvullo's conduct is continuing. If there are additional consumers who invested with Marvullo and feel that they may have been defrauded, they are requested to contact the Office of the Attorney General at 518-474-4096.
Marvullo was arraigned today in the Fort Ann Justice Court before the Hon. James Richardson on a Felony Complaint charging one count of Grand Larceny in the Third Degree, a Class D Felony. The maximum penalty for this charge is seven years in jail.
The case is being prosecuted by Assistant Attorney General Catherine Leahy-Scott under the supervision of Deputy Bureau Chief Richard Ernst and Bureau Chief Gail Heatherly. This was investigated by Office of the Attorney General Investigator Leslie M. Arp under the supervision of Deputy Chief Investigator David Adams in conjunction with New York State Police Senior Investigator Thomas M. Aiken and Investigator Tracy H. Snell.
The charges against Marvullo are merely accusations, and the defendant is presumed innocent until and unless proven guilty.
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