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Hugh R. Hunsinger, Jr., 50, of Pine Brook, took a plea deal in August under which he also surrendered his insurance provider license 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.
“The victims in this case believed that they could trust their son to invest money on their behalf,” Acting Attorney General John J. Hoffman said after this morning’s sentencing. “The defendant violated that trust and instead cheated his parents out of more than a million dollars.”
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.
Sgt. Anthony Butler and Detectives Natalie Brotherston and Taryn Kong from the Office of the Insurance Fraud Prosecutor coordinated the investigation, Hoffman said. Deputy Attorney General Bradford Muller represented the Office of the Insurance Fraud Prosecutor at the sentencing.
MUGSHOT: Courtesy BERGEN COUNTY SHERIFF
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