New Jersey Insurance Agent Indicted for Stealing $300K in Premiums

The former CEO of a now-defunct insurance agency in New Jersey has been indicted for stealing over $300,000 in commercial insurance premiums.

Richard Pisacane, former head of Bayonne-based Northern Financial Group, has been charged with theft and misapplication of entrusted property, according to the state attorney general’s office.

The firm, now closed, was an agency for Lincoln General Insurance Co..

A grand jury found that, between Feb. 2004, and March 2005, Pisacane received more than $300,000 in insurance premiums from numerous customers, but failed to the remit premiums to Lincoln General. The indictment alleges he kept the money for his own personal use.

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Source: New Jersey Attorney General’s Office