A former insurance agent in Essex County, New Jersey, is going to prison for bilking Massachusetts Mutual Life Insurance Company of more than $1 million in commissions and bonuses.
A judge sentenced 33-year-old Stanley Jerome of Orange, New Jersey, to six years in prison. He pleaded guilty in March to money laundering and insurance fraud.
Jerome admitted he paid people for their personal information and used it to submit bogus life insurance applications, for which he collected commissions and bonuses. State prosecutors say Jerome used some of the money he received to make some premium payments, but most policies lapsed within a few months.
Was this article valuable?
Here are more articles you may enjoy.