Acting Attorney General Christopher S. Porrino and the Office of the Insurance Fraud Prosecutor (OIFP) announced today that a Union County insurance salesman has pleaded guilty today to stealing more than $926,000 from the annuity accounts and insurance policies of an elderly man whose finances he managed.
Kevin Collins, 58, of Union, pleaded guilty to second-degree theft by unlawful taking in a hearing before Judge William Daniel in Union County Superior Court.
The state will recommend an eight-year-prison term when Collins is sentenced on September 2. As part of his sentencing, Collins will be ordered to pay $926,455 in restitution to the elderly man whom he met through mutual friends.
Collins and the elderly man regularly golfed and went out for drinks together. Collins also assisted in driving him to hospital visits, as well as looking after his finances.
In pleading guilty, Collins admitted that between 2009 and 2015 he withdrew monies from the elderly man’s annuities and life insurance policies. The man was alerted by one of the insurance companies about certain withdrawals of which he was unaware. Collins turned himself in and admitted his wrongdoing.
Acting Insurance Fraud Prosecutor Iu noted that some important cases have started with anonymous tips. People who are concerned about insurance cheating and have information about a fraud can report it anonymously by calling the toll-free hotline at 1-877-55-FRAUD, or visiting the Web site at www.NJInsurancefraud.org. State regulations permit a reward to be paid to an eligible person who provides information that leads to an arrest, prosecution and conviction for insurance fraud.