Prudential Life Insurance is extending its initial 90-day sales suspension for an additional 180 days after disclosing that around 400 more complaints have been filed against current and former employees for alleged misappropriation of customer funds, bringing the total number of complaints to approximately 700.?
¡°We do not regard this issue as limited to the actions of a few employees, rather we view it as a broader organizational challenge of how the organization itself should be structured to ensure that such inappropriate conduct never occurs again,¡± said Prudential Life CEO Hiromitsu Tokumaru on Wednesday at a news conference.
The company announced in January it had found that about 100 employees improperly handled 498 customer accounts. The alleged wrongdoings included unauthorized borrowing and investment.?
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