Former New Jersey Insurance Broker Employee Charged With $900K Theft

Acting U.S. Attorney William E. Fitzpatrick announced Thursday a New Jersey woman was arrested and charged with defrauding her employer.

Fifty-five-year-old Violeta McGough of Ridgefield Park allegedly made several bogus accounting entries to steal money from her employer. McGough was an accounting specialist with the New Jersey-based insurance brokerage (not identified) from 2008 through October 2015. She oversaw insurance premium for policies that were underwritten by her employer on behalf of an insurance syndicate located in the United Kingdom, according to court documents.

PrisonMcGough tracked the insurance premiums collected by her employer, along with payments made to the syndicate. She frequently accessed her employer’s books to divert part of those payments to her personal use. To avoid detection, McGough disguised the stolen money as reimbursed insurance premiums for policies that had been cancelled.

McGough faces a maximum 20-year prison sentence and $250,000 fine.

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