A former life insurance agent at Prudential Financial Inc. has been indicted for stealing more than $275,000 from customers, Attorney General Martha Coakley announced yesterday.
Susan Abbott of Quincy allegedly used false documents to request withdrawals from customer accounts, which she then deposited into her own personal bank accounts.
Abbott was indicted on Monday on five counts of larceny over $250, including three counts of larceny over $250 from a person over 60, and one count of larceny over $250 by single scheme, as well as one count each of identity fraud, forgery and uttering. She will be arraigned in Norfolk Superior Court at a later date.
Prudential referred this matter to the AG’s office after conducting an initial internal investigation, which led to Abbott’s being fired from Prudential. Abbott had worked from her own office in Quincy as a Prudential life insurance agent. Authorities allege that between March 2007 and May 2009 Abbott allegedly stole more than $275,000 from 49 customers and used those funds for her own personal use.
An investigation revealed that Abbott allegedly stole the majority of the money from her clients in the form of loans and withdrawals of equity built into their life insurance policies. It is alleged that Abbott made false representations to her clients and Prudential in order to make approximately $209,000 in equity withdrawals from her clients’ accounts. These equity withdrawals, in the form of checks issued by Prudential, were allegedly then deposited into personal bank accounts controlled and used by Abbott.
On many occasions, Abbott allegedly forged letters from her clients requesting that equity withdrawals from their accounts be sent to her office and submitted those letters to Prudential.
Several of the victims involved in this scheme were elderly, and Abbott stole a significant amount of money, between $18,500 and $25,000, from three of these elderly victims in particular. Abbott allegedly stole more than $70,000 from a single customer, who had asked her to assist in the transfer of funds into a retirement account managed by Prudential.
Prudential is working to resolve issues pertaining to this case with their clients.
