New York Raids Prudential Offices

Fraud investigators from the New York state Insurance Department conducted surprise raids of six Prudential Insurance Co. branch offices around the state, seizing documents related to an investigation of fraud in the sale of life insurance policies. The raids followed a $1-million fine imposed by a federal judge against Prudential last week for allowing the destruction of potential evidence, including allegedly misleading sales material in a branch office in Syracuse. The state agency said the raids were conducted “to ensure there would be no further destruction of sales material.” A Prudential spokesman said the company is cooperating with the investigation. Although there have also been allegations of destruction of documents in at least one California office of Prudential, California Insurance Commissioner Chuck Quackenbush told The Times that his department hasn’t carried out any raids similar to New York’s.