Pine Brook Man Defrauded Parents Out of $1.3M, State Says

A financial advisor from Pine Brook has admitted to defrauding his parents out of more than $1.3 million while serving as their advisor, Acting Attorney General John Hoffman said Wednesday.

Hugh Hunsinger, 49, pleaded guilty to the second-degree theft by unlawful taking charge in Bergen County Court on Tuesday. Under the plea agreement, Hunsinger could be sentenced to three to five years in state prison and be forced to pay $1,354,496 back to his parents. He is scheduled for sentencing on Oct. 4. 

“For years, the victims in this case believed that their son was investing money on their behalf,” Acting Attorney General Hoffman said.  

“Instead, he was siphoning their money for his own benefit.  The manner in which this defendant robbed his parents out of more than a million dollars is as offensive as it is reprehensible.”

Hunsinger admitted to authorities that between January 31, 2005, and July 8, 2011, he had transferred the money from accounts he was managing on behalf of his parents without their authorization, using the money for his own living expenses, Hoffman said. 

At the time, Hunsinger was working as a financial advisor for Lincoln Financial Advisors Corporation.

The Office of the Insurance Fraud Prosecutor investigated Hunsinger and found that his parents were left with only a small amount of money in their accounts after Hunsinger made the transfers, Hoffman said.

“This office will continue to prosecute cases such as this one and protect victims, even when, as in this case, the perpetrator is the victims’ son,” Acting Insurance Fraud Prosecutor Ronald Chillemi said.