Insurance agent accused of defrauding couple - NEWS10 ABC: Albany, New York News, Weather, Sports

Insurance agent accused of defrauding couple

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ALBANY, N.Y. (AP) - A former New York state insurance agent is accused of taking an elderly couple's retirement savings and never investing the money they gave him.

According to state Attorney General Eric Schneiderman, Joseph Marvullo convinced the couple to write more than 80 checks in his name amounting to almost $300,000.

The 63-year-old Marvullo is charged with grand larceny.

The onetime independent agent and broker faces up to 15 years in prison if convicted.

According to court documents, he never purchased insurance or investment products with the money.

Marvullo, of Greenfield, was arraigned earlier this week and released on his own recognizance.

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