Electronics Recycler Admits Misclassifying Workers, Owes $600,000

An Ocean County electronic recycling company and its owner admitted Tuesday they bilked nearly $600,000 from an insurance carrier by lying to obtain lower premiums on workers’ compensation coverage. Supreme Asset Management Recovery of Lakewood and owner Albert Boufarah, 49, of Toms River, pleaded guilty to second-degree conspiracy and insurance fraud. Under a plea agreement, the state will recommend a three-year prison sentence for Boufarah and a fine not to exceed $200,000 for the company. The company and Boufarah will be jointly and severally liable for $598,282 in restitut...