Crime: Former Essex County Insurance Agent Sentenced for Stealing $53,000 in Insurance Premium Monies

Press release

TRENTON - Attorney General Anne Milgram and Criminal Justice Director Gregory A. Paw, announced that a former Maplewood insurance agent was sentenced today for stealing more than $53,800 in insurance premium monies.

According to Insurance Fraud Prosecutor Greta Gooden Brown, Raymond Pearson, 56, of Indianapolis, Indiana, was ordered by Superior Court Judge John Kennedy in Essex County to serve five years probation and pay full restitution in the amount of $53,835. Pearson pleaded guilty on Dec. 17 to a criminal accusation which charged him with third-degree theft by failure to make required disposition of property received.

In pleading guilty, Pearson, an insurance agent formerly licensed in New Jersey, admitted that between Jan. 20, 2005 and Nov. 7, 2006, he stole $53,835 in insurance premium monies. Pearson, who worked for Marine Agency Corporation, a Maplewood-based business that sold insurance, would receive checks from purchasers of insurance policies. He was required to remit the insurance premium money through the Marine agency to the insurance companies, including New Hampshire Insurance Company. Pearson admitted that on 49 occasions, he failed to turn over insurance premium monies to his employer and instead used the money for his own benefit.

Detective Scott Caponi and Deputy Attorney General Nicole D. Rizzolo were assigned to the investigation. Rizzolo represented the Office of Insurance Fraud Prosecutor at the sentencing.

This case was referred to OIFP by the Special Investigative Unit of the New Hampshire Insurance Company, which initially uncovered the fraud and assisted OIFP in the investigation. Insurance Fraud Prosecutor Brown thanks New Hampshire Insurance for their involvement in this matter as well as the Department of Banking and Insurance, which routinely assists OIFP with investigations and prosecutions of licensed insurance agents.

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