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May 18, 2016

Posted  May 18, 2016

New Jersey announced that a former Essex County insurance agent has been sentenced to six years in prison for submitting hundreds of fraudulent life insurance applications to reap more than $1 million in commission and bonuses from Massachusetts Mutual Life Insurance Company (MassMutual). Stanley Jerome, 33, of Orange, pleaded guilty to second-degree money laundering and insurance fraud in March. Jerome admitted to paying individuals for their identifying information which he then used to submit bogus life insurance applications to MassMutual to reap sales commissions and bonuses totaling $1,132,675. Because most of the applications were for low-income individuals, Jerome provided false employment, salary, and net worth information on the applications. NJ