A former New Jersey financial advisor was sentenced to five years in state prison for defrauding his parents out of more than $1.3 million while serving as their financial advisor, Acting State Attorney General John J. Hoffman announced Friday.
Hugh R. Hunsinger, Jr., 50, of Pine Brook, N.J., pled guilty in August to second-degree theft by unlawful taking. Hunsinger’s insurance license will be suspended for a period of five years and he will pay his parents $1.3 in restitution.
“The victims in this case believed that they could trust their son to invest money on their behalf,” Hoffman said.
Hunsinger admitted that between 2005 and 2011, he systematically transferred $1.3 million from accounts he was managing on behalf of his parents, without their authorization, to his personal accounts and used the money for his own personal living expenses. He left his parents with only a nominal amount of money, Hoffman said. Hunsinger worked as a financial advisor for Lincoln Financial Advisors Corp. at the time of the transfers.