Attorney General Christopher S. Porrino and the Office of the Insurance Fraud Prosecutor (OIFP) announced today that a Union County insurance salesman has been sentenced to eight years in prison for 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 July. Under the terms of the plea agreement, Collins paid $50,000 in restitution to the victim at his sentencing before Judge Scott J. Moynihan in Union County Superior Court last week. Collins had previously executed a Consent Judgment for the balance of the restitution, $876,455. At sentencing, Judge Daniel called Collins “treacherous’ for his stealing from the elderly man whom he met through mutual friends.
In addition to managing the victim’s finances, Collins regularly golfed and went out for drinks with the elderly man and assisted in driving him to hospital visits.
In pleading guilty, Collins admitted that between 2009 and 2015 he withdrew monies from the elderly man’s annuities and life insurance policies. The victim 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.