Another Agent Charged for Allegedly Trying to Scam Prudential, Aviva Out of Millions
December 20, 2010 by Fran Matso Lysiak
TRENTON, N.J. December 17 (BestWire) — A New York-licensed insurance agent has been charged for her alleged role in an insurance fraud involving applications for multimillion-dollar life insurance policies, New Jersey officials said.
Beverly Stewart allegedly conspired with Pape Michael Seck, an insurance agent in New York, to commit insurance fraud by creating three documents in which Stewart pretended to be the financial adviser of Ambassador Mansour Seck, New Jersey Attorney General Paula T. Dow and Criminal Justice Director Stephen J. Taylor said in a statement.
The documents were allegedly created so Seck could submit applications to Prudential Life Insurance and Aviva Life and Annuity Co. for multimillion dollar life insurance policies for Mansour Seck.
In the first document, Stewart allegedly falsely claimed that Mansour Seck had more than $10 million in assets and would have no difficulty paying $300,000 in insurance premiums, the indictment alleges. Stewart allegedly also falsely claimed that Seck had real estate holdings totaling more than $7 million, had cash on hand totaling $2.6 million and 2008 unearned income of about $670,000.
Stewart also allegedly falsely claimed that Mansour Seck owned real estate in Washington, D.C., valued at more than $4 million, real estate in Jersey City, N.J. worth over $1.3 million and real estate in Upper Marlboro, Md., valued at about $300,000.
The alleged conspiracy occurred between May 22, 2008 and July 27, 2009, according to Acting Insurance Fraud Prosecutor Riza Dagli.
In June, Seck was sentenced to three years in state prison for attempting to defraud Prudential and Aviva in the scheme, the New Jersey officials said (BestWire, June 9, 2010). Seck earlier pleaded guilty to two counts of second-degree insurance fraud before Hudson County, N.J. Superior Court Judge Joseph V. Isabella.
Stewart was charged with second-degree conspiracy to commit insurance fraud, second-degree attempted theft by deception and two counts of third-degree insurance fraud. The state will ask that Stewart, who has an expired New Jersey insurance producer’s license, be required to forfeit her right to renew it. She also may face civil insurance fraud fines.
Seck was ordered to forfeit his license as an insurance agent in New Jersey and pay a $10,000 civil insurance fraud fine (BestWire, April 14, 2010).
Earlier this year, Aviva USA said in a statement that it “takes seriously any attempts to defraud our company and cooperated fully with this investigation.” Aviva USA is a unit of Aviva plc based in the United Kingdom (BestWire, April 14, 2010).
A spokesman for the Newark, N.J.-based Prudential Financial (NYSE: PRU) declined to comment on the case.
Prudential Insurance Company of America currently has a Best Financial Strength Rating of A+ (Superior). Aviva Life and Annuity Co. currently has a Best Financial Strength Rating of A (Excellent).
(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)BN-NJ-12-17-2010 1219 ET #
