MEQUON MAN CHARGED WITH MULTIPLE COUNTS OF FRAUD AND SECURITIES FRAUD
Friday, September 07, 2007
MADISON †William H. Tarrolly, age 64, a Mequon insurance agent, has been charged in Ozaukee County Circuit Court with multiple counts of theft by fraud and securities fraud, Attorney General J.B. Van Hollen announced today. If convicted of all charges, Tarrolly faces a maximum punishment of 57 years imprisonment and a maximum fine of $50,000.
The criminal complaint alleges that in 2002 and 2003, Tarrolly solicited investments totaling $100,000 in his Mequon insurance business. Tarrolly told investors that he needed the money to finance Foundation Benefit Planning, LLC-II, a business through which he purported to sell life insurance products to hospital employees. A former business partner of Tarrolly's told investigators that Tarrolly had sold the product to only a few hospitals, despite his alleged claims about the success of the product.
In soliciting money for his business, the complaint alleges that Tarrolly failed to mention his record of outstanding debts, his failure to repay debts, or the outstanding court judgments against him for unpaid debts. Tarrolly also failed to disclose his censure in 2000 by the Wisconsin Office of the Commissioner of Insurance.
The allegations in the complaint and described above have not yet been proven in a court of law. The defendant is presumed innocent, and the state bears the burden of proving the defendant guilty beyond a reasonable doubt.
The court has scheduled an initial appearance for Tarrolly in Ozaukee County Circuit Court on October 10, 2007.
The case is being prosecuted by Assistant Attorney General Eric Wilson as special prosecutor for Ozaukee County. The case was investigated by the Department of Justice, Division of Criminal Investigation and the Department of Financial Institutions.
