N.J. Agent Offers Guilty Plea in Stealing $22,500

November 16, 2004

New Jersey Division of Criminal Justice Director Vaughn McKoy announced that a Camden County insurance agent has pleaded guilty to stealing more than $22,000 from more than a dozen insurance customers.

According to Insurance Fraud Prosecutor Greta Gooden-Brown, Robert Stone, 74, of Voorhees, Camden County, pleaded guilty before Camden County Superior Court Judge Louise Donaldson to charges contained in a Camden County Grand Jury indictment handed up on July 14.

The indictment charged Stone with failure to make required disposition of property received (3rd degree). When sentenced on Jan. 21, Stone faces up to five years in state prison and a fine of up to $15,000. The investigation will be referred to the Department of Banking and Insurance for any action with respect to Stone’s producer’s license.

In pleading guilty, Stone, a licensed New Jersey insurance agent and owner/operator of Stone Insurance Company located at 1851 East Davis Street, Suite 10, Camden, reportedly admitted that between September, 1999 and October, 2001, he stole more than $22,500 from at least 18 of his company’s insurance customers.

It is also charged that Stone collected policy premium monies from individual clients, as well as from the Standard Funding Corporation (SFC), a company which lends premium money to persons who need to borrow funds to purchase insurance policies, and instead of forwarding the monies to the insurance carriers issuing the policies, he stole the funds and used the monies for his own benefit. Stone also stole money from Arizona Premium Finance Company and First M.I.S. Incorporated.

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