Former Executor of an Estate Charged with Misapplication

PRINCETON — Morris County Prosecutor Fredric M. Knapp announces that Bernard W. Ozarowski, 60, of Princeton, has pled guilty to a charge of second degree Misapplication of Entrusted Property in violation of N.J.S.A. 2C:21-15.

The investigation, handled by the Financial Crimes Unit of the Morris County Prosecutor’s Office, revealed that R.H. was a former resident of Madison, New Jersey. R.H. is Ozarowski’s brother-in-law. R.H. died in December of 2011.

At the time of the his death, his life insurance policy, annuity funds, IRA accounts, certificates of deposit and other bank accounts contained significant assets. R.H.’s Last Will and Testament appointed Ozarowski as Executor of the estate. As executor, Ozarowski was charged with distributing the assets to the beneficiaries of the will and he made a few payments to four (4) designated beneficiaries.

However, between December 8, 2011 and September 5, 2012, Ozarowski transferred the remaining assets of the estate to his own company, Loyola Management, a dealer and distributor of print services as well as a document management company.

Thereafter, Ozarowski misapplied approximately $509,998.44 of R.H.’s assets by spending the money on personal business expenses in an effort to keep his company afloat.

The State will recommend Ozarowski be sentenced to three (3) years New Jersey State Prison, and pay $509,998.44 in restitution to four (4) designated beneficiaries. Ozarowski has made an application to drug court.

The State was represented during the guilty plea by Morris County Supervising Assistant Prosecutor Francine S. Ehrenberg.

The Honorable Stuart A. Minkowitz, P.J.S.C. presided over the plea today. The defendant is scheduled to be sentenced on April 23, 2015 at 1:30 p.m.

Prosecutor Knapp would like to thank the Financial Crimes Unit of the Morris County Prosecutor’s Office and Assistant Prosecutor Julian Hill whose efforts contributed to this result.

Comments

Comments