John H. Durham, United States Attorney for the District of Connecticut, announced that ALAN GIACOMI, 46, of Watertown, was sentenced today by U.S. District Judge Michael P. Shea in Hartford to 41 months of imprisonment, followed by three years of supervised release, for stealing more than $400,000 from clients of his law practice, including family members, and a friend.
According to court documents and statements made in court, Giacomi was a Waterbury-based attorney who practiced real estate and family law. In August 2014, Giacomi represented an elderly woman in connection with the disbursement of assets from her late brother’s estate. Giacomi stole nearly $18,000 from the estate instead of distributing the assets as required.
In approximately December 2014, Giacomi stole more than $26,000 in proceeds from his great aunt’s life insurance annuity instead of using the funds to pay her nursing home bill.
In April 2016, Giacomi convinced a friend to loan Giacomi $45,000 for a real estate opportunity. His friend withdrew $45,000 from his retirement savings and provided the funds to Giacomi. Giacomi used the money to pay off another real estate transaction and never paid his friend back.
In the fall of 2016, Giacomi represented his aunt and uncle in the sale of their home. Giacomi kept nearly $177,000 of the proceeds of the sale and used much of the money on other client matters.
Finally, in February 2017, Giacomi represented two clients in the sale of their home. Giacomi stole approximately $154,000 in proceeds of the sale, nearly $146,000 of which was owed to Giacomi’s clients, spending almost all of the money within a month.
Judge Shea ordered Giacomi to pay restitution in the total amount of $411,715.69. Most, but not all, of the victims have been reimbursed by Connecticut’s Client Security Fund.
On January 8, 2019, Giacomi pleaded guilty to one count of wire fraud.
Judge Shea ordered Giacomi, who is released on a $100,000 bond, to report to prison on July 26.
In April 2017, a Connecticut Superior Court judge suspended Giacomi from the practice of law.
This matter was investigated by the U.S. Secret Service with the assistance of the Statewide Bar Grievance Committee. The case was prosecuted by Assistant U.S. Attorney Sarala V. Nagala.
Source: U.S. Department of Justice, Office of the United States Attorneys
