Woman sentenced for stealing from trust fund - Los Angeles News | FOX 11 LA KTTV

Woman sentenced for stealing from trust fund

Posted: Updated:

TRENTON, N.J. (AP) - The former owner of a third-party insurance administration agency is headed to prison for stealing nearly $500,000 from a trust fund that administered health insurance policies and prescription coverage.

Prosecutors say 48-year-old Catarina Young of Metuchen received seven-year sentence. She was convicted of theft and misapplication of entrusted property.

Young was the partial owner of the now-defunct firm that administered insurance plans on behalf of third parties.

Prosecutors say that between November 2003, and December 2006, Young deposited 86 checks and 16 wire transfers totaling $462,341 into her personal bank accounts, then used the money for her own purposes.

The money was supposed to be used to buy health insurance and prescription coverage. The theft resulted in the cancellation of a health insurance plan that insured hundreds of people.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow

KTTV FOX 11
1999 S. Bundy Dr.
Los Angeles CA 90025

Main: (310) 584-2000
News Tips? (310) 584-2025

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices