New Jersey broker pleads guilty to six-year elder scam

Peter Martorana of Wall, N.J., pleaded guilty Wednesday to laundering more than $500,000 from elderly clients between 2006 and 2013, according to a report in the Asbury Park Press.

Mr. Martorana, 62, faces 10 years in prison for what authorities had alleged was the theft of some $1 million from more than a dozen clients ranging in age from their late 60s into their 90s.

Under the plea agreement, the state will recommend that Mr. Martorana be sentenced to 10 years in prison, with no chance for release on parole before serving four years. Sentencing is scheduled for July. Mr. Martorana said he has given $250,000 to his attorney’s trust account to go toward restitution for the victims.