Insurance agent accused of defrauding couple

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.

Copyright 2013 The
Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten or redistributed.

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