Whistleblowers allege Prudential link to Wells Fargo fraud
December 12, 2016 by STEVEN A. MEYEROWITZ, ESQ., DIRECTOR, FC&S LEGAL
Three former supervisors in the corporate investigations division (“CID”) of the legal department of The Prudential Insurance Company of America have filed a lawsuit in a state court in New Jersey against Prudential along with Deborah Bello, the insurer’s chief regulatory officer, alleging that a life insurance program called “MyTerm,” created in 2014 by Prudential with Wells Fargo Bank, had a large number of similarities to how Wells Fargo had opened fraudulent bank accounts.
In response to the allegations, Prudential Financial, Inc. (NYSE: PRU) has announced that it will suspend the distribution of MyTerm policies through all Wells Fargo bank branches and website, pending the results of Prudential’s review of how the product is sold by Wells Fargo.
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