ALBANY (AP) - Federal prosecutors say a former executive for a company that operates an Albany retirement community has been sentenced to more than three years in prison for stealing more than $1.5 million from the business.
The U.S. Attorney's Office says 53-year-old William Sorriento of Mechanicville was sentenced to 3 years, 5 months in prison and ordered to pay the money back to Teresian House Housing Corp.
Authorities say Sorriento, who pleaded guilty in June, was the controller for Teresian House, also known as Avila. They say during a seven-month period beginning in the fall of 2010, Sorriento stole nearly $1.6 million from Avila's checking account by writing checks to himself and others then used the money to gamble and trade options.
He had faced up to 30 years in prison.