Alan Giacomi Gets 41 Months for Stealing $400K from Clients, Family

Alan Giacomi, 46, of Watertown, is going to federal prison for ripping off clients, family members, and a friend in a brutal betrayal of trust that bled over $400,000 from vulnerable victims. The former Waterbury attorney was sentenced today by U.S. District Judge Michael P. Shea in Hartford to 41 months behind bars, followed by three years of supervised release, after admitting to a multi-year fraud spree that preyed on those who trusted him most.

Giacomi, once licensed to practice real estate and family law, turned his legal authority into a weapon. In August 2014, he stole nearly $18,000 from an elderly woman’s late brother’s estate — funds he was legally obligated to disburse. Instead, he pocketed the cash while the grieving woman remained in the dark about the missing money meant for her care and security.

By December 2014, Giacomi targeted his own blood. He took more than $26,000 from his great aunt’s life insurance annuity, money earmarked to cover her nursing home bills. She went unpaid. The care she relied on was jeopardized — all so Giacomi could line his own pockets with her final safety net.

In April 2016, he sank his claws into a friend. Promising a golden real estate deal, Giacomi convinced the man to pull $45,000 from his retirement savings. The cash vanished. No deal materialized. No repayment followed. Just broken trust and a retirement account gutted by betrayal.

The biggest thefts came in two property closings. In fall 2016, Giacomi represented his aunt and uncle in selling their home — then kept nearly $177,000 of the proceeds. Months later, in February 2017, he stole $154,000 from two other clients during their home sale, nearly $146,000 of which was rightfully owed to them. He blew through the cash in weeks.

Judge Shea ordered $411,715.69 in restitution. While most victims were partially reimbursed by Connecticut’s Client Security Fund, the damage lingers. Giacomi, who pleaded guilty to one count of wire fraud on January 8, 2019, has been suspended from practicing law since April 2017. He must report to prison on July 26. The U.S. Secret Service led the investigation, aided by the Statewide Bar Grievance Committee. Assistant U.S. Attorney Sarala V. Nagala prosecuted.