Connecticut real estate manager pleads guilty to $3M theft
A Connecticut man has pleaded guilty to a theft of nearly $3 million from his real estate investment business. Prosecutors say he used the money to fund his day-trading activities.
Timothy Mingione, 33, of Newtown, waived his right to be indicted and pleaded guilty before U.S. District Judge Alvin W. Thompson in Hartford to one count of interstate transmission of stolen money, which carries a maximum term of imprisonment of 10 years.
According to a release from the U.S. District Attorney’s office, Mingione provided purchase and asset manager services for a New York-based real estate company, and worked with a syndicate of investors involved in the purchase and management of five real estate properties in Connecticut and Florida.
He assisted investors in the purchase of real estate and then became the designated asset manager for the properties, and in this role, he had access to bank accounts required for property management.
Beginning in approximately April 2023, to fund his day-trading activity, Mingione stole from the various business bank accounts he had access to by writing checks against the accounts or by wiring monies from the accounts to his personal trading account with TD Ameritrade.
By late spring 2024, he had amassed more than $1 million in trading losses and, by the end of September 2024, had stolen nearly $3 million.
Mingione has agreed to pay restitution of $ 2,958,203.
He was released on a $40,000 bond pending sentencing. Judge Thompson scheduled sentencing for July 15.
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