Former New Jersey Financial Adviser Stole $1.3M From His Own Parents

A former financial adviser from northern New Jersey, Hugh Hunsinger Jr., has admitted stealing more than $1.35 million from his parents' accounts to pay his own expenses writes NBC Philadelphia.

Attorney General, John Hoffman, says the 49-year-old Hunsinger of Pine Brook pleaded guilty Tuesday, August 6th., 2013, to theft by unlawful taking. He is facing up to five years in prison. He will be sentenced Oct. 4.

Hugh Hunsinger, Jr., must also pay $1,354,496 in restitution back to his parents.

These thefts occurred between Jan. 31, 2005 and July 8, 2011. Hunsinger transferred money from certain accounts he was managing for his parents to his own accounts, then used the money to pay undisclosed personal expenses, leaving his parents with only a small amount of money in their accounts.

Hugh Hunsinger, Jr., was previously registered with FINRA at the following brokerage firms according to FINRA's BrokerCheck:

LINCOLN FINANCIAL ADVISORS CORPORATION
CRD# 3978
PARAMUS, NJ
02/2002 - 11/2011

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
CRD# 2580
FORT WAYNE, IN
02/2002 - 04/2006

AMERICAN EXPRESS FINANCIAL ADVISORS INC.
CRD# 6363
MINNEAPOLIS, MN
11/1993 - 12/2001

If you or a family member have experienced losses through your broker/financial adviser, call a Securities Arbitration Lawyer at Soreide Law Group for a free consultation on how to potentially recover your losses at 888-760-6552.