A former New Jersey insurance broker who misappropriated more than $660,000 in premiums owed to insurers has been sentenced to five years in state prison.
Brian Mohen and his wife, Lisa Stanko-Mohen, were also ordered last Friday to pay more than $660,000 in restitution and $116,000 in unpaid taxes. The Spring Lake couple, who ran a now-defunct Far Hills brokerage, had both pleaded guilty in October to their roles in the fraud scheme.
Stanko-Mohen was sentenced to five years of probation.
Prosecutors said the couple collected premiums from commercial clients buying liability coverage for their management but failed to turn this money over to the insurance carriers. They also improperly commingled the money with other funds.
Authorities have said the insurers honored the policies when the fraud was discovered.
Topics Agencies New Jersey
Was this article valuable?
Here are more articles you may enjoy.
Parkland Shooting Wasn’t Multiple Incidents With Multiple Deductibles, Court Says 
What Progressive and GEICO Q3 Results Reveal About Auto Insurance Profit, Growth 
Former Lloyd’s CEO Neal Will Not Join AIG; Hancock to Be General Insurance CEO 
Cyberattack Cripples Asahi Operations, Lifts Rival Brewers 
