A Roslyn Heights insurance agent was arrested last Wednesday for allegedly stealing over $35,000 from two former clients, Nassau County District Attorney Madeline Singas announced.
Jack Kohen, 51, was arraigned before District Court Judge Paul Meli on four counts of grand larceny in the third degree, two counts of criminal possession of a forged instrument in the second degree and two counts of falsifying business records in the first degree, according to court documents. The defendant was released on his own recognizance and is due back in court on Dec. 19, court documents said. If convicted on all counts, Kohen could serve up to 42 years in jail.
“I’m going through a difficult time right now,” Kohen said.
“This defendant was entrusted with his clients’ retirement savings, but he allegedly stole more than $35,000 of their hard-earned money for his own use,” Singas said.
Both of the clients have received full restitution, said Michael Soshnick, Kohen’s attorney.
“If the clients are out of pocket thousands of dollars the matter is more egregious then if they have received all their money,” Soshnick said.
“I’m not suggesting to you that the mere fact that the clients have been made whole excuses the conduct; I’m just indicating that it is a mitigating factor that should be taken into account.”
Kohen worked as a licensed insurance agent for New York Life Insurance and Annuity Corp. and kept an office in Long Beach, Singas said.
In 2003, a client from Levittown applied for a deferred annuity with New York Life. In December 2015 and January 2016, Kohen allegedly faxed three requests for partial withdrawals of the annuity, the statement said. Kohen allegedly requested that the funds be deposited into an account that belonged to him. After each withdrawal, the victim received a letter confirming the withdrawals.
On Feb. 8, 2016, the victim contacted New York Life to report the activity on her account and said that she did not authorize any of the disbursements, the statement said. The defendant allegedly stole $21,200 from the victim, according to the statement.
In September 2013, another client, from Brooklyn, applied for a deferred annuity with New York Life that was sold to her by Kohen, the statement said. In April and May 2015, Kohen allegedly faxed three requests for partial withdrawals, according to the statement. Each of the applications sought to have the funds deposited into an account belonging to Kohen. A total of $14,531.48 was allegedly deposited into his account, the statement said.
The statement said the victim discovered the theft when she received an IRS form for the 2015 pension distribution and reported it to New York Life.
Kohen was fired by New York Life in March 2016, the statement said.
Kohen currently works as an insurance agent at Aflac in Roslyn Heights.
An investigation into the case is ongoing.
