N.J. Insurance Agent Indicted for Allegedly Stealing $176K

October 20, 2011

A Camden County, New Jersey, insurance agent was indicted for allegedly stealing more than $172,000 from insurance purchasers and for allegedly failing to remit insurance premiums worth over $3,200.

The indictment was announced on Tuesday, Oct. 18, by New Jersey Attorney General Paula Dow and Acting Insurance Fraud Prosecutor Ronald Chillemi.

According to the indictment, Reina Morales-Peck, 40, of Cherry Hill, is a licensed insurance producer. She was charged with second-degree theft by deception, second-degree misconduct by a corporate official, and third-degree theft by failure to make required disposition of property received.

The state grand jury indictment alleges that between August 2005, and February 2009, Morales-Peck, the owner of New Jersey Insurance Specialists(located in Magnolia, Camden County) fraudulently obtained $172,859 from various insurance purchasers. She allegedly created a false impression to purchasers that she was entitled to charge insurance-related fees when, in fact, she knew she was not entitled to charge and receive those fees.

The indictment also alleges that Morales-Peck collected $3,217 in insurance premiums from 11 individuals and kept the premium money for her own use instead of remitting it to the insurance companies.

Morales-Peck is alleged to have used her position as an officer and owner of her agency for the furtherance or promotion of the thefts.

The defendant is presumed innocent until proven guilty. Second-degree crimes carry a maximum sentence of 10 years in state prison and a criminal fine of $150,000, while third-degree crimes carry a maximum sentence of five years in state prison and a criminal fine of $15,000.

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