A former financial advisor and securities advisor who lives in Milford has admitted to stealing more than $1.2 million from a client, according to the U.S. Attorney’s office.
Deirdre M. Daly, U.S. Attorney for the District of Connecticut, said Friday that Robert N. Tricarico, 60, of Milford, waived his right to indictment and pleaded guilty yesterday in Hartford federal court to one count of wire fraud related to his misappropriation of more than $1.2 million from an elderly client.

Until April 2015, Tricarico was a registered securities broker with the Financial Industry Regulatory Authority. 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 January 2010 to June 2013, Tricarico acted as a financial advisor for an elderly and infirm victim who had substantial assets. Tricarico misappropriated 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. Tricarico used the stolen funds to make personal expenditures.

In pleading guilty, 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. In fact, Tricarico used the victims’ funds for his own personal use, authorities said.

As part of his plea, Tricarico has agreed to pay restitution in the amount of $1,220,763.90 to the victims of his crime.

Tricarico is scheduled to be sentenced by U.S. District Judge Michael P. Shea on Sept. 20, 2016, at which time he faces a maximum prison term of 20 years.

The matter is being investigated by the Federal Bureau of Investigation and Greenwich Police Department, and prosecuted by Assistant U.S. Attorney David T. Huang.