A former New Jersey insurance agent has been sentenced to five years in prison for stealing over $300,000 in premiums from numerous commercial clients.
Richard Pisacane, who served as CEO of the former Northern Financial Group, was also ordered to repay those premiums to Lincoln General Insurance Co.
Pisacane was indicted in February and, in August, pleaded guilty to the thefts, admitting that between Feb. 2004 and March 2005, he pocketed the premiums clients paid him for insurance through Lincoln General. He told the court he used the money to pay his children’s college tuition, credit card and car payments.
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Source: New Jersey Attorney General’s Office
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