Bergen Man Charged In Life Insurance Fraud Scheme

A Fort Lee man allegedly conspired with two other insurance agents as part of a scheme where they illegally earned more than $200,000 in commissions.

James Vasiloff, 55, of Fort Lee and Somers, New York, was charged with conspiracy, insurance fraud and theft by deception, said Attorney General Christopher Porrino.

Vasiloff and John Jansen, 52, were recruited by Arthur Sinuk, 73, to apply for life insurance policies from Allianz Life Insurance Company of North America with the idea that Sinuk would arrange for the premiums to be paid for each policy, Porrino said.

Vasiloff's policy was for $5 million, Jansen's was for $2 million; all three misrepresented to Allianz that Vasiloff and Jansen would be paying for their own policies and that no "free insurance" or rebates were offered, Porrino said.

Sinuk allegedly took out loans to pay the policy premiums — $108,000 for Vasiloff's and $42,000 for Jansen's; Allianz then paid Sinuk $151,000 in commissions, which he allegedly used to repay the loans.

The policies lapsed after premiums were not paid on them for 18 months, Porrino said.

Jansen was also charged with conspiracy, insurance fraud and theft by deception. Sinuk was charged with two counts of conspiracy, insurance fraud, theft by deception, money laundering, insurance fraud and theft by deception.

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