Newtown Man Pleads Guilty To Stealing $3M For Day Trading Scheme

NEWTOWN, CT — A Newtown man admitted Friday to stealing nearly $3 million from business accounts he managed in order to fund his personal day trading activity, according to federal authorities.

Timothy Mingione, 33, waived indictment and pleaded guilty before U.S. District Judge Alvin W. Thompson to one count of interstate transmission of stolen money, which carries a maximum prison term of 10 years.

Prosecutors said Mingione served as an asset manager for a New York-based real estate company and a syndicate of investors involved in properties in Connecticut and Florida. He also managed bank accounts for other limited liability companies tied to real estate transactions.

Beginning around April 2023, Mingione began transferring funds from the business accounts to his personal TD Ameritrade account to trade S&P 500 options, federal officials said. Although he sometimes returned money to the accounts, he had accumulated more than $1 million in losses by late spring 2024 and had taken nearly $3 million by the end of September.

He has agreed to pay $2,958,203 in restitution. Sentencing is scheduled for July 15. Mingione is free on a $40,000 bond while awaiting sentencing.

The case is being investigated by the FBI’s New Haven Division.