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.
AI Claim Assistant Now Taking Auto Damage Claims Calls at Travelers 
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
AI Needs Its Own Risk Class: Lockton Re 
Viewpoint: Runoff Specialists Have Evolved Into Key Strategic Partners for Insurers 
