NEW JERSEY 101.5

A Morris County man was sentenced to state prison for defrauding his parents out of more than $1.3 million while serving as their financial advisor.

Flickr User Keith Ramsey

Hugh Hunsinger, Jr. was sentenced to five years behind bars.

“The victims in this case believed that they could trust their son to invest money on their behalf,” said acting State Attorney General John Hoffman. “The defendant violated that trust and instead cheated his parents out of more than a million dollars. As demonstrated by the prison sentence imposed today, such blatant disregard for the law will not be tolerated in the state of New Jersey.”

In his guilty plea, Hunsinger admitted that over a six-year span he systematically transferred roughly $1,354,496 from certain accounts that he was managing on behalf of his parents, without their authorization, to his personal accounts and used the money for his own personal living expenses.

An investigation by the Office of the Insurance Fraud Prosecutor determined that, as a result of the unauthorized transfers, Hunsinger’s parents were left with only a nominal amount of money in their accounts.

”This office will vigorously prosecute heinous behavior such as this, where a financial advisor defrauded his own parents out of more than a million dollars of their hard-earned retirement fund,” said acting Insurance Fraud Prosecutor Ronald Chillemi. “Such defendants deserve prison, as the court appropriately determined in this case.”