HARTFORD, Conn. (WTNH) — An insurance broker will spend three years in prison for stealing more than $10 million from Aetna Life Insurance Company in Hartford.
According to court documents, the broker was identified as 60-year-old Bonney J. Herbert of Killington, Vermont, owner and president of Academic Risk Resources and Insurance in Boston.
The risk management and insurance brokerage agency helped put contracts together between health insurance providers and colleges or universities in order to provide health insurance for students and other people that works with the college or university.
Back in 2007, Herbert worked as a broker between Aetna and Rutgers University, the State University of New Jersey. Between 2009 and 2012, she failed to pass along to Aetna $10,358,728 in premiums paid by Rutgers. She used the stolen funds on personal expenses and business expenses at Academic Risk Resources and Insurance.
Herbert pleaded guilty to one count of wire fraud and one count of engaging in monetary transactions. She disclosed her scheme to Aetna representatives in June 2012. Herbert currently owes Aetna $7,846,305.45 in restitution.