Prudential Life's Past, Present Staff Scam Customers Out of 3.1 B. Yen

Tokyo, Jan. 16 (Jiji Press)--Prudential Life Insurance Co. said Friday that more than 100 of its present and former employees have scammed customers out of some 3.1 billion yen.

The number of victims of fraudulent deals conducted by those current and former employees stood at over 500, the major foreign-affiliated insurer said.

To take responsibility for the scandal, Prudential Life President and CEO Kan Mabara, 60, will step down as of Feb. 1. Mabara will be succeeded by Hiromitsu Tokumaru, the 55-year-old president and CEO of Prudential Gibraltar Financial Life Insurance Co.

According to Prudential Life, unearthed irregularities include cash swindling, fictitious investment deals, overcharging and embezzlement of borrowed funds.

"We deeply apologize for causing a great deal of trouble and worries for customers and other parties concerned," the company said.

[Copyright The Jiji Press, Ltd.]