If you trusted your insurance agent with your life savings, imagine finding out the person advising you was running a side scheme. That nightmare just hit nearly 500 customers in Japan.
More than 100 current and former employees of Prudential Life Insurance Co. improperly solicited or handled about ¥3.08 billion, roughly $21 million, from clients, the company disclosed. President and CEO Kan Mabara apologized publicly and will step down Feb. 1.
The misconduct ranges from fake investment products to unauthorized borrowing from customers.
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