FORT EDWARD -- A former insurance salesman from Queensbury pleaded guilty Friday to a felony charge he defrauded a couple of more than $20,000.
Joseph A. Marvullo, 60, pleaded guilty to third-degree grand larceny for taking more than $26,000 from a Fort Ann couple, which he did not use to buy annuities as directed.
Marvullo, who was self-employed at the time of the theft, had sold the couple insurance, and then had them pay him money for annuities in 2005, officials said.
They did not receive any documentation and he would not return their money when asked, prompting an investigation by the Attorney General's Office.
His lawyer, Tucker Stanclift, said Marvullo has started paying the couple back and wanted to accept responsibility.
"The crux of this entire dispute was restitution and Mr. Marvullo has already started repayment and he didn't want to put them through any more litigation than necessary," Stanclift said.
Marvullo was required to pay $2,000 on Monday, then $600 a month after that.
He likely faces a sentence of 5 years on probation, which will include a prohibition that he not sell insurance or work in financial services in the future.