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Hugh R. Hunsinger, Jr., 49, of Pine Brook, remains free pending an Oct. 4 sentencing after pleading guilty yesterday to theft.
In return, state prosecutors said they would recommend that Hunsinger be sentenced to three to five years in state prison and that his insurance-producer license be suspended for five years.
Hunsinger also agreed to a judgment of $1.35 million to his nearly-broke parents, although it was unclear how much he’d actually be able to repay.
Acting State Attorney General John G. Hoffman said the way that Hunsinger stole from them was “as offensive as it is reprehensible.”
“For years, the victims in this case believed that their son was investing money on their behalf,” Hoffman said. “Instead, he was siphoning their money for his own benefit.”
Between Jan. 31, 2005 and July 8, 2011, Hunsinger said yesterday, he systematically transferred $1,354,496 from certain accounts that he was managing on behalf of his parents, without their authorization, to his personal accounts. He said he then used the money for himself.
Hunsinger at the time worked as a financial advisor for Lincoln Financial Advisors Corporation, which has offices in Paramus.
Deputy Attorney General Michael B. Lestino, Sgt. Anthony Butler and Detectives Natalie Brotherston and Taryn Kong from the Office of the New Jersey Insurance Fraud Prosecutor coordinated the investigation, Hoffman said.
MUGSHOT: Courtesy BERGEN COUNTY SHERIFF
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