North Haven Man Charged in Condo Scam

Stephen Cacioli, 65, of North Haven will appear in Meriden Superior Court on December 27 to face charges that he stole nearly $100,000 from condominium associations in Meriden and West Haven. 

According to Cacioli's arrest warrant, dated November 18, 2011, the defendant opened a TD Bank account under the name of Sterling Village Associations—a Meriden-based condo association he was contracted to manage insurance claims for—without the knowledge or authority of his employer. 

Cacioli subsequently deposited two insurance payments intended for Sterling Village into the fraudulent bank account, and withdrew the funds at intervals between April and July 2011 for personal use. 

The arrest warrant goes on to state that Cacioli eventually took over $22,000 from Sterling Village, and an additional $77,679 from the Savin Harbor Condo Association, located in West Haven. 

Cacioli, whose business A&S Property Management is located in North Haven, voluntarily went to the North Haven PD in order to give a statement regarding the misappropriation of funds. 

From the warrant:

Cacioli stated that sometime in late July 2011, he was contacted by Attorney Thomas Luby who represents Sterling Village Condominium Association. He had stated that they found $22,350.00 was missing from a TD Bank account that was in the name of Sterling Village and that they had no knowledge of this bank account existing. Cacioli stated that he had opened up the bank account without the knowledge of Sterling Village, but thought they might have known. Cacioli stated he probably did not advise them of it. Cacioli stated he had put a large sum of money in the account from an insurance reimbursement check earlier this year and that he had removed some of the money to refurbish his new office in North Haven, A&S Property Management on Broadway, and to pay off some creditors. Cacioli was asked who the signature holder on the TD Bank account was and he stated that he was the sole signer on the TD Bank that was opened in the name of Sterling Village.

Cacioli was charged with two counts of larceny in the first degree, and was released on a $20,000 bond pending trial.