Press Release  Former Life Insurance Agent Pleads Guilty, Sentenced in Connection with Stealing more than $275,000 from Consumers

Dedham — A former life insurance agent affiliated with Prudential Financial, Inc. has pleaded guilty and been sentenced to18 months in the House of Correction in connection with stealing more than $275,000 from nearly 50 of her customers, some of whom were elderly, Attorney General Maura Healey announced today.

Susan Abbott, 56, of Quincy, pleaded guilty on Thursday in Norfolk Superior Court to the charges of Larceny over $250 (five counts), including three counts of Larceny over $250 from a Person over Sixty and two counts of Larceny over $250 by a Single Scheme, as well as one count each of Identity Fraud, Forgery and Uttering.

After the plea was entered, Judge Connors sentenced Abbott to 18 months in the House of Correction and a four-year probationary term. She will begin serving her sentence on March 31.

“This defendant abused her position and stole from her clients, many of whom were vulnerable and elderly, and used their savings for her own personal profit,” said AG Healey. “Our office is committed to going after those who take advantage of others and violate their trust.”

Abbott was indicted by a Statewide Grand Jury in November 2014.

The AG’s Office began an investigation into the matter in 2009 after it was referred by Citizens Bank. Prudential conducted its own internal investigation, which led to Abbott’s termination from the company. Abbott had worked from her own office in Quincy as a Prudential life insurance agent.

Authorities determined that between March 2007 and May 2009 Abbott stole more than $275,000 from 49 customers and used those funds for her personal use. The investigation revealed that Abbott stole the majority of the money from her clients in the form of loans and withdrawals of equity built into their life insurance policies. 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 then deposited into personal bank accounts controlled and used by Abbott.

On many occasions, Abbott forged letters from her clients requesting that equity withdrawals from their accounts be sent to her office and she then 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 also 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 provided assistance and fully cooperated with the AG’s Office in this investigation. The company will continue to work with the AG’s Office to reimburse the victims in the case.

This case was prosecuted by Assistant Attorney General Edward Beagan, Senior Trial Counsel in AG Healey’s White Collar and Public Integrity Division, with assistance from Stephen Bethoney of AG Healey’s Financial Investigations Division, Victim Witness Advocate Megan Murphy of the AG’s Victim Services Division, State Police assigned to the AG’s Office and the AG’s Digital Evidence Lab. 

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