TRENTON – A Union County insurance agent was indicted today for allegedly accepting insurance premium money and failing to remit it to the insurance company, Attorney General Jeffrey S. Chiesa announced.
Virginia Larsen, 66, of Westfield, was charged with theft by failure to make required disposition of property received and two counts of misapplication of entrusted property and property of government or financial institution, all in the second degree.
The state grand jury indictment alleges that between July 29 and August 31, 2009, Larsen, an insurance agent and an officer of Larsen Global Marine, a financial institution, obtained $148,739.70 in insurance premiums that she was obligated to remit to RLI, an insurance company, but failed to make the required payment to RLI. The indictment alleges that Larsen was entrusted with the premium money as a fiduciary for RLI, but kept the funds for her own use, knowing that it was unlawful and involved substantial risk of loss to RLI.
The indictment is merely an accusation and the defendant is presumed innocent until proven guilty. Under state law, crimes of the second degree carry a maximum punishment of 10 years in state prison and a criminal fine of $150,000.
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