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A former Connecticut funeral director who stole clients’ prepayments to fund his excessive gambling habit will spend the next seven and a half years in state prison.

Philip Pietras, 52, admitted to stealing from more than 170 people, many of whom are senior citizens who sought to limit the emotional and financial burdens placed on their loved ones by prepaying for their funerals. But instead of placing those funds, meant for caskets and burial services, in escrow accounts, Pietras pocketed the money to gamble.

Pietras accepted a plea deal from the state, and prosecutors expect him to enter a guilty plea on Oct. 23 and be formally sentenced on Jan. 22, 2027.

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“These two markets have been growing and will continue to grow very nicely [for] online, Spain even more than Italy,” he commented.

“Cirsa has incredible knowledge of the market, the consumers in general, also of the business. You will see a company with a huge understanding of the market, of the consumers, with an incredible retail platform, which can be leveraged for online.

Cirsa also holds a presence in Italy, and Angelozzi was asked whether this could cause any regulatory discomfort or revenue attrition.

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Each settlement involved cooperation with Kalshi’s investigation. 

What distinguishes Santos’ penalty is the exchange’s allegation that he actively issued false or misleading statements to alter prices and profited materially, violating additional rules such as failure to cooperate and manipulative conduct. 

These breaches escalated his sanction to a permanent ban and a significantly larger fine compared to others involved.