February 23, 2010
Office of The Attorney General
– Paula T. Dow, Attorney General
Division of Criminal Justice
– Stephen J. Taylor, Director
Office of the Insurance Fraud Prosecutor
– Riza Dagli, Acting Insurance Fraud Prosecutor
Division of Criminal Justice
609-292-4791
CEO of Now-Defunct Hudson County Insurance Agency Charged with Theft of Insurance Premiums
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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