TRENTON, N.J. (AP) - The former owner of a third-party insurance administration agency is headed to prison for stealing nearly $500,000 from a trust fund that administered health insurance policies and prescription coverage.
Prosecutors say 48-year-old Catarina Young of Metuchen received seven-year sentence. She was convicted of theft and misapplication of entrusted property.
Young was the partial owner of the now-defunct firm that administered insurance plans on behalf of third parties.
Prosecutors say that between November 2003, and December 2006, Young deposited 86 checks and 16 wire transfers totaling $462,341 into her personal bank accounts, then used the money for her own purposes.
The money was supposed to be used to buy health insurance and prescription coverage. The theft resulted in the cancellation of a health insurance plan that insured hundreds of people.
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Summer is not over just yet! Hot and humid conditions much of the week with temps in the 90's and upper 80's.
Summer is not over just yet! Today will be very hot and humid with high temperatures in the low to mid 90s and mostly sunny skies. A cold front will bring some thunderstorms tonight, some of which may be severe.
Wednesday will be less humid but it remains warm all week long.
Tuesday (93/72): Clouds/Storm
Wednesday (88/74): Sun/Clouds
Thursday (89/67): Sunny/Hot
Atlantic City's Revel Hotel and Casino has officially closed its doors Tuesday morning, a little more than two years after opening and following months of financial struggles.