A New Jersey insurance broker has pleaded guilty to stealing more than $300,000 in premium payments from his clients, according to the state’s attorney general.
Under a plea agreement with prosecutors, the state will recommend a five-year prison sentence for Richard Pisacane, of Wayne, who formerly served as head of the now-defunct Northern Financial Group Inc. in Bayonne. He will also be ordered to pay $300,355 in restitution to Lincoln General Insurance Co.
Pisacane was indicted for the thefts in February. The thefts occurred between Feb. 12, 2004 and March 31, 2005, when Pisacane received the money as payments for commercial insurance policies. He admitted using the money to pay for his children’s college tuition and making credit card and car payments.
Source: New Jersey Attorney General’s Office
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