Advisor's 'Ruthless Greed' Left Toms River Woman, 90, Penniless, AG Says

TRENTON, NJ -- A Monmouth County insurance agent whose license was revoked several years ago has been indicted on charges he stole more than $300,000 from a 90-year-old Toms River woman, leaving her destitute and on public assistance, the state attorney general said.

Robert Berlin, 46, of Englishtown, whose insurance license was revoked for defrauding elderly clients in 2008, was indicted by a state grand jury for allegedly raiding the annuity funds and selling off stocks belonging to the woman, Acting Attorney General Robert Lougy said Monday.

“This kind of ruthless greed will not be tolerated,” Acting Insurance Fraud Prosecutor Christopher Iu said. “This indictment demonstrates our commitment to protecting New Jersey residents – especially the elderly – against criminal predators who gain their trust only to exploit it for financial gain.”

Berlin is accused of liquidating her life savings, using her bank card to pay for pet care and gymnastics classes for his children, and defrauding a Toms River couple out of $50,000 they loaned him for renovations at a gym he opened, Lougy said.

According to prosecutors, after losing his license to sell insurance, Berlin opened Retro Fitness Gym in Wallington but continued to “manage” the assets of the elderly woman whom he had sold annuities to years before. After the woman’s daughter died in 2010, Berlin helped extended family place the woman in a private assisted living facility and continued to oversee her financial assets, prosecutors said.

According to the indictment, Berlin used his position as financial adviser to systematically liquidate nearly $195,000 from the woman’s annuity funds and sell nearly $111,000 worth of her stocks over a four-year period, pocketing the money for himself.

Berlin also was indicted on charges he used the woman’s bank card for at least $7,000 in personal purchases, including airline tickets, pet care, and gymnastic classes and after-school activities for his children. The indictment also charges him with passing a $13,000 bad check to pay the assisted living facility where the woman resided before she was evicted for non-payment.

“If these allegations are true, Robert Berlin mercilessly victimized an elderly woman who trusted him with her life savings,” Lougy said. "Instead of protecting her financial well-being, he allegedly helped himself to her money, leaving her penniless and dependent on public assistance.”

The indictment also charges Berlin with bilking a Toms River couple out of $50,000 they loaned him for renovations at his health club. Berlin, who met the couple through the elderly woman, allegedly obtained the loan under false pretenses. He never had any intention of using the money for gym improvements, and never repaid the loan with interest, as promised, prosecutors said.

The indictment charges Berlin with:

• Two counts of theft by unlawful taking (2nd and 3rd degree)
• Two counts of theft by deception (2nd and 3rd degree)
• Theft by failure to make required dispensation of property received (2nd degree)
• Passing bad checks (3rd degree)
• Fraudulent use of credit cards (3rd degree)

The indictment is merely an accusation and the defendants are presumed innocent until proven guilty. Second-degree crimes carry a sentence of five to 10 years in state prison and a criminal fine of up to $150,000; third-degree crimes carry a sentence of three to five years in state prison and a criminal fine of up to $15,000.

Deputy Attorney General Michael F. Farmer presented the case to the grand jury. Detectives Ronald Allen and Daniele Han coordinated the investigation with assistance from analyst Bethany Schussler.

People who are concerned about insurance cheating and have information about a fraud can report it anonymously by calling the toll-free hotline at 1-877-55-FRAUD, or visiting the state's website at www.NJInsurancefraud.org. State regulations permit a reward to be paid to an eligible person who provides information that leads to an arrest, prosecution and conviction for insurance fraud.