The former CEO of a now-defunct insurance agency in New Jersey has been indicted for stealing over $300,000 in commercial insurance premiums.
Richard Pisacane, former head of Bayonne-based Northern Financial Group, has been charged with theft and misapplication of entrusted property, according to the state attorney general’s office.
The firm, now closed, was an agency for Lincoln General Insurance Co..
A grand jury found that, between Feb. 2004, and March 2005, Pisacane received more than $300,000 in insurance premiums from numerous customers, but failed to the remit premiums to Lincoln General. The indictment alleges he kept the money for his own personal use.
__
Source: New Jersey Attorney General’s Office
Topics Agencies Fraud New Jersey
Was this article valuable?
Here are more articles you may enjoy.
For Carriers, AI Can Now Mean Hyper-Personalized Customer Service, Leaders Say 
South Florida Police Officers Sue Actors, Say Details in ‘The Rip’ Are Too Real 
Billionaire Boehly’s Allies Donated Heavily to Kansas Insurance Regulator 
Florida Surplus Lines’ HO Premiums Now Average About the Same as Admitted Market 
