Ex-financial adviser stole $1.3 million from parents

Hugh Hunsinger

August 7, 2013 9:45:19 AM PDT
A former northern New Jersey financial adviser has admitted stealing more than $1.35 million from his parents' accounts to pay his personal expenses.

Acting Attorney General John Hoffman says 49-year-old Hugh Hunsinger Jr. of Pine Brook pleaded guilty Tuesday to theft by unlawful taking. He faces up to five years in state prison when he's sentenced Oct. 4.

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

The 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.

As a result of the transfers, his parents were left with only a small amount of money in their accounts.