hot-topic rightForty-one-year-old financial advisor Stephen Severio of Fair Haven was sentenced to seven years in prison Friday after admitting that he defrauded clients out of more than $700,000, the Asbury Park Press reports.

Many of the 34 clients Severio admitting bilking were elderly, according to the Monmouth County Prosecutor’s office, which handled the case.

According to the Press, Severio’s lawyer, Mitchell Ansell:

described Severio as a gambling addict and otherwise law-abiding citizen who lost his career and family, and ultimately all the money, due to his addiction.”What fuels him is in no way an excuse for what he did,” Ansell said.

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