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.
__
Source: New Jersey Attorney General’s Office
Was this article valuable?
Here are more articles you may enjoy.
Lemonade Books Q4 Net Loss of $21.7M as Customer Count Grows 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
Viewpoint: How P/C Carriers Can Win the Next Decade With Tech + Talent 
World’s Growing Civil Unrest Has an Insurance Sting 
