A former insurance agent and two cronies were sentenced to either prison terms or probation for stealing $1.4 million from a New York-based defense contractor as part of a life insurance and pension scam.
Two of the men, Daniel Tumminia, 51, of Millstone, N.J., and Michael Feuer, 49, of Freehold, N.J., were each sentenced to one year in prison, while the third, Dennis Mannarino, 46, of Manalapan, N.J., was sentenced to three years’ probation after earlier pleading guilty to conspiracy to commit wire fraud, according to the U.S. Attorney’s Office for the State of New Jersey.
Tumminia, a former insurance agent for Massachusetts Mutual Life Insurance Co., represented the defense contractor, Fastener Dimensions and its president, as an agent for MassMutual, handling all pension and profit sharing accounts and life insurance policies for Fastener’s employees.
Diverted life insurance premium payments
Court documents indicate that the three enriched themselves by diverting life insurance premium payments and pension and profit sharing checks belonging to Fastener’s employees into bank accounts that they controlled. In April 2008, Feuer incorporated and listed himself as the registered agent and officer of MassMutual Contracting Corp., a limited liability company that never performed any services for Fastener or any other clients, but was created by Feuer and Tumminia solely to falsely represent to Fastener that it was the real MassMutual. Feuer and Tumminia deposited $574,279 from Fastener into the MassMutual Contracting Corp. bank account.
In total, the three conducted 133 transactions, including interstate wire transfers, totaling $1,437,542, in deposits into bank accounts that they controlled, subsequently using to money to pay for such personal expenditures as rent, cable and utility and grocery bills.
Tumminia, Feuer and Mannarino have agreed to make full restitution for all losses resulting from their crimes to the employees of Fastener Dimensions. Tumminia will forfeit $1,198,278 to the United States; Feuer has agreed to forfeit $115,963; and Mannarino has agreed to forfeit $10,000.
In addition to the prison terms, U.S. District Judge Joel A. Pisano sentenced Tumminia and Feuer sentenced to two years of supervised release.