Prudential’s (PRU) Japan unit Prudential Life Insurance said earlier that more than 100 of its present and former employees have engaged in inappropriate conduct towards customers. The number of victims of fraudulent deals conducted by the company’s current and former employees stood at over 500. To take responsibility for the scandal, Prudential Life President and CEO Kan Mabara will step down as of February 1. Mabara will be succeeded by Hiromitsu Tokumaru, president and CEO of Prudential Gibraltar Financial Life Insurance. Prudential Life Insurance found an additional 106 staff had conducted financial misconduct not directly related to Prudential products, improperly receiving 1.63B yen during employment and 1.45B yen after resignation. Shares of Prudential are down 1% to $114.91 in midday trading.
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