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Ex-insurance broker of Cranberry indicted for mail fraud

| Wednesday, Jan. 24, 2007

A former insurance broker has been accused of misappropriating more than $300,000 in insurance premiums paid to him by his clients.

A federal grand jury indicted David Giancola, 52, of Cranberry Township, on seven counts of mail fraud, federal prosecutors said.

Prosecutors said that to conceal the misappropriation of money, Giancola funded some of the insurance premiums by obtaining financing from different financing companies. He applied for financing in his clients' names, but listed his address, prosecutors said.

"That's not true," Giancola said of the allegations Tuesday. He declined further comment.

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