Princeton Man Admits to Illegally Using $500K of Deceased Madison Man's Assets to Help Own Company

A Princeton man admitted that he illegally used $509,998.44 of his dead brother-in-law’s estate in an attempt to keep his own company in business, Morris County Prosecutor Fredric M. Knapp announced on Thursday.

Bernard W. Ozarowski, 60, pleaded guilty to a second degree charge of misapplication of entrusted property.

Ozarowksi’s brother-in-law, a former Madison resident referred to as “R.H.” in court documents, died in December of 2011. Ozarowksi had been appointed as the executor of his estate.

Ozarowksi was charged with distributing his assets, which included his life insurance policy, annuity funds, IRA accounts, certificates of deposit and other bank accounts, to four designated beneficiaries.

However, Ozarowski admitted that between Dec. 8, 2011 and Sept. 5, 2012, he transferred the remaining assets of the estate to his own company to prevent it from closing.

Thereafter, Ozarowski misapplied approximately $509,998.44 of R.H.’s assets by spending the money on personal business expenses.

Ozarowski’s company, Loyola Management, was a dealer and distributor of print services as well as a document management company.

Ozarowski faces three years in state prison, and the payment of $509,998.44 to the designated beneficiaries.

He has made an application to drug court.

Sentencing is scheduled for April 23.