Former N.J. Broker Sentenced for Misappropriating $660K in Premiums

December 16, 2013
Jail

A former New Jersey insurance broker who misappropriated more than $660,000 in premiums owed to insurers has been sentenced to five years in state prison.

Brian Mohen and his wife, Lisa Stanko-Mohen, were also ordered last Friday to pay more than $660,000 in restitution and $116,000 in unpaid taxes. The Spring Lake couple, who ran a now-defunct Far Hills brokerage, had both pleaded guilty in October to their roles in the fraud scheme.

Stanko-Mohen was sentenced to five years of probation.

Prosecutors said the couple collected premiums from commercial clients buying liability coverage for their management but failed to turn this money over to the insurance carriers. They also improperly commingled the money with other funds.

Authorities have said the insurers honored the policies when the fraud was discovered.

 

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