Prudential's Japanese unit involved in 5.2 bil. yen fraud

TOKYO - Prudential Life Insurance Co. said Thursday a third-party probe by lawyers found that more than 100 former and current salespeople had engaged in fraudulent or inappropriate transactions with customers worth 5.2 billion yen ($32.9 million) over more than three decades.

Hiromitsu Tokumaru, president of the Japanese subsidiary of Prudential Financial Inc., and two other executives will voluntarily return 30 percent of their monthly remuneration for three months to take responsibility for the misconduct.