The former life insurance agent is charged with stealing more than $275,000 from her clients
Susan Abbott, 55 of Quincy was indicted by a Statewide Grand Jury on Monday for five counts of Larceny over $250; three counts of Larceny over $250 from a Person over 60 years old and one count of Larceny over $250 by Single Scheme. In addition, she also was indicted on one count each of Identity Fraud, Forgery, and Uttering. Her former employer referred the matter to Attorney General Martha Coakley’s Office after an internal investigation and her termination from the company.
As a Prudential life insurance agent based in Quincy, it is alleged that Ms. Abbott used false documents in order to illicitly withdraw money from her customer accounts which she then deposited into her own personal bank accounts. All of that money was then used for her own personal use alleges Attorney General Martha Coakley’s office. Overall, from 2007 through 2009, it is estimated that Ms. Abbott stole more than $275,000 from 49 of her life insurance customers. It is believed that all of the money taken was for Ms. Abbott’s own personal use.
Further details from the AG’s investigation revealed that Ms. Abbott stole from her clients by conducting false loans and withdrawals of equity that had been built into her client’s life insurance policies. Many times, Ms. Abbott simply forged letters which she sent to Prudential’s main office stating that her clients had requested that a certain amount be withdrawn from a their account and sent directly to Ms. Abbott’s office. The equity withdrawals, in checks issued directly from Prudential, were then deposited directly into various personal bank accounts owned and operated by Ms. Abbott.
Overall, It is alleged that she made false representations both to her clients and to her employer in order to effectuate withdrawals of approximately $209,000 in equity from her clients’ accounts. Several of the clients Ms. Abbott targeted included elderly customers. In particular, it is alleged that she stole between $18,500 and $25,000 from three elderly clients. It is also claimed that in another particularly egregious case, Ms. Abbott robbed one single customer of more than $70,000. In this case, the particular customer had asked her life insurance agent to assist in the transfer of funds into a Prudential retirement account.
In each of these cases, Prudential Financial states that is actively working to respond to its clients who have been targeted by Ms. Abbott.
While the case is still pending, it is important to note that the above charges on which Ms. Abbott was indicted by a Statewide Grand Jury are still only allegations at this point. She will next appear in Norfolk Superior Court for her arraignment.
