Gibraltar Life Insurance rep pocketed £1.4m from clients, firm says

A 56-year-old salesman at Gibraltar Life Insurance Co in Japan has been accused of swindling some JP¥190m (£1.4m) from 26 customers after allegedly faking insurance premiums and pocketing the fees over 10 years.

The firm said on Thursday it plans to file a criminal complaint against Koichi Sasaki on suspicion of fraud. It said in a statement released on its website that Sasaki, who joined AIG Edison Life Insurance Co in April 2007, became a salesman at Gibraltar in January 2012 after the two firms merged.

Working out of the company’s branch in Akita Prefecture, he reportedly handed to the customers fabricated insurance certificates and receipts before asking them to sign a fake insurance contract. The money paid for the insurance premiums was then allegedly pocketed by Sasaki, the firm said.

The firm discovered the fraud after being contacted by a customer on Aug. 26 who was concerned about their insurance contract.

“This is truly regrettable,” a Gibraltar official told local newspaper Japan Times. “We will discuss with each of the customers who suffered damage how best to respond.”

The Gibraltar Life Insurance Co., Ltd. offers life insurance products and services in Japan.  The company distributes its life insurance products through a sales force of life advisors. The Gibraltar Life Insurance Co., Ltd. was formerly known as Kyoei Life Insurance Co., Ltd. and changed its name to The Gibraltar Life Insurance Co., Ltd. in April 2001.

The company was founded in 1935 and is based in Tokyo, Japan.

Gary Robinson
Head of Video and Ezines at Open Door Media Publishing. Deputy Editor, International Investment. An experienced journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as a fully qualified IFA, Gary works across both International Investment and InvestmentEurope titles. Previous video production credits include projects on BBC, C4 and SKY.

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