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TRENTON - Attorney General
Paula T. Dow and Criminal Justice Director
Stephen J. Taylor announced that a Wayne
man was indicted today for allegedly stealing
insurance premiums.
According
to Acting Insurance Fraud Prosecutor Riza
Dagli, Richard Pisacane, 65, of Wayne, was
charged with second-degree theft by failure
to make required disposition of property
received and second-degree misapplication
of entrusted property.
Pisacane was the CEO of the now-defunct
Northern Financial Group, Inc., which had
been located in Bayonne, and which was an
agent for the Lincoln General Insurance
Company. The Hudson County grand jury indictment
alleges that between Feb. 12, 2004, and
March 31, 2005, Pisacane received more than
$300,000 in insurance premiums from numerous
customers who were purchasing commercial
insurance, yet he allegedly failed to the
remit premiums to Lincoln General. An investigation
determined that Pisacane allegedly failed
to remit $300,355. The indictment alleges
that Pisacane instead retained the insurance
premium money for his own personal use.
Detective Matthew Armstrong, Analysts Christina
Runkle, Paula Carter and Marie Beyer, and
Deputy Attorney General Nicole D. Rizzolo
were assigned to the investigation. DAG
Rizzolo presented the case to the Hudson
County grand jury.
The Department of Banking
and Insurance routinely assists the Office
of the Insurance Fraud Prosecutor with the
investigation and prosecution of licensed
insurance agents. This assistance enables
the State to coordinate criminal investigations
and prosecutions with any imposition of
licensing sanctions in order to protect
the public.
The indictment is merely
an accusation and the defendant is presumed
to be innocent until proven guilty. Second-degree
charges carry a maximum sentence of 10 years
state prison and a criminal fine of $150,000.
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