Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Dec. 19--A Baltimore insurance broker was sentenced to prison in New Jersey for stealing almost $2.6 million from the Perth Amboy Board of Education, New Jersey Attorney General Jeffrey S. Chiesa announced.
Francis X. Gartland, 71, submitted false bills to the board and also collected more than $200,000 in fees from the City of Perth Amboy for a "non-existent 'wellness program' for city employees," according to a statement from Chiesa's office. Gartland was the health insurance broker for both the school board and the city.
Gartland was sentenced last week to 15 years in prison, including more than seven years of parole ineligibility, for the crimes. He pleaded guilty in April to first-degree money laundering, related to the school board billing, and second-degree theft by deception for charging for the city wellness program.
"This crooked broker stole millions of dollars from the Perth Amboy School District, which needed the money to educate its children, and he also stole from the City of Perth Amboy," Chiesa said in the statement. "This is the worst type of corruption, driven by greed and bounded by no evident moral restraints."
Gartland and several companies he operated -- Gartland and Company Inc., E-Administrative Systems Inc. and Federal Hill Risk Management LLC -- have been permanently barred from doing business in New Jersey, according to the attorney general's office.
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