Former Far Hills Couple Pleads Guilty to Scamming Insurance Clients

A former Far Hills couple pleaded guilty Monday to stealing more than $770,000 from clients of their now defunct insurance company, the Attorney General's Office said.

Brian P. Mohen, 47, who now lives in Spring Lake, pleaded guilty to second-degree misapplication of entrusted property and two counts of third-degree failure to file an income tax return.

Lisa A. Stanko-Mohen, 48, pleaded guilty to one count of third-degree misapplication of entrusted property and two counts of third-degree failure to file an income tax return.

The couple, who were indicted in December, were managing directors of Far Hills-based Arden Financial Services Inc. (Arden). The company specialized in the sale of management liability insurance. The Mohens failed to remit insurance premiums to seven insurance companies, the Attorney General's Office said.

"The defendants had a fiduciary obligation to their clients to remit insurance premiums to insurance companies, but chose instead to selfishly line their own pockets,” Acting Attorney General Hoffman said. "This type of crime, which ultimately increases insurance rates for honest New Jerseyans, will not be tolerated."

Superior Court Judge Julie M. Marino scheduled sentencing for Jan. 17. The state will recommend Brian Mohen be sentenced to eight years in state prison and his wife be sentenced to five years of probation under the plea agreement, Hoffman said.

The couple will also be required to pay $660,446 in restitution and $116,451 in unpaid taxes, including interest and penalty, Hoffman said.