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RVC Man Sentenced for Stealing $870K from Insurance Companies

RVC Man Sentenced for Stealing $870K from Insurance Companies

A Rockville Centre man will serve prison time for stealing $870,000 meant for insurance companies, announced the Nassau County District Attorney's office.

Gerard Timoney, 56, of Rockville Centre, was sentenced to six months behind bars, five years of probation, and will pay $20,000 restitution to victims in Great Neck, said the DA. Timoney pleaded guilty in March to two counts each of second- and third-degree grand larceny.

Timoney was charged in September 2012 after investigators discovered he had stolen thousands of dollars while working as a policy issuing agent. After being retained by Steward Title Insurance Company and Commonwealth Land Title Insurance Company to issue title insurance policies in their name, Timoney took money meant for trust and escrow accounts. The $870,000 Timoney took was used to pay his office’s payroll, pay child support, buy flowers and gardening supplies, make credit card payments, pay for personal expenses, and to maintain his other properties and businesses. Read the full story here.

Timoney was arrested again on Feb. 6 for thefts involving a Great Neck couple and for receiving unemployment benefits based on "knowingly incomplete and false testimony," reported the DA.

This defendant not only stole from the clients who trusted him with their money, but he created a situation where families could have lost their homes and insurance companies could have faced additional huge financial losses,” DA Kathleen Rice said after Timoney's arrest. “Purchasing a home in today’s economy is difficult enough without scam artists like Mr. Timoney picking the pockets of every hard-working man and woman unfortunate enough to have put their faith in him.”

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