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Dec. 12--A Spring Lake couple, who ran a now closed Somerset County insurance brokerage, allegedly stole nearly $1.8 million in premiums, the state Attorney General's Office said Tuesday.
Brian P. Mohen, 46, and Lisa A. Stanko-Mohen, 47, were managing directors of Arden Financial Services Inc. in Far Hills.
The insurance policies sold by Arden protected corporate officers from being sued for negligence in the performance of their duties, for employee discrimination and for committing professional malpractice in their profession.
The couple stole nearly $1.8 million by failing to send in premiums that they received from clients to eight insurance companies, according to a grand jury indictment. The allegations occurred between Feb. 28, 2007, and June 7, 2010, a time when they lived in Far Hills, authorities said.
An investigation by the Attorney General's Office and the state insurance fraud prosecutor determined that Mohen and Stanko-Mohen allegedly commingled trust account funds with office funds, failed to send in premiums due to insurance companies and misappropriated premiums for their own purposes, authorities said.
"This indictment sends a strong message to insurance brokers that the theft of insurance premiums by brokers will not be tolerated in New Jersey," Attorney General Jeffrey S. Chiesa said.
They each were charged Monday with conspiracy, insurance fraud, theft by failure to make required disposition of property received, and misapplication of entrusted property, use, control or operation of a corporation for furtherance or promotion of a criminal object, as well as misapplication of entrusted property, failure to file an income tax return and failure to pay taxes.
David P. Willis: 732-643-4039; dwillis@ njpressmedia.com; facebook.com/dpwillis732
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