TOKYO (TR) – Sony Life Insurance announced on Friday that three of its sales representatives defrauded customers out of nearly 55 million yen, with one employee blowing the stolen cash on nightlife and entertainment, reports the Sankei Shimbun (Sep. 11).
The sprawling financial scandal has prompted the Financial Services Agency (FSA) to consider launching an on-site inspection of the major insurer under the Insurance Business Act.
According to Sony Life, a male sales employee in his 50s stationed at a Chiba Prefecture branch bilked 13 customers out of 33 million yen between July 2023 and April 2024. The man tricked his victims by soliciting bogus investments in unlisted stocks. The company had already flagged the man in August after discovering he had previously defrauded a customer of 1 million yen.
The internal probe revealed a wider pattern of corruption. Another salesman in his 50s at the same Chiba branch pocketed a total of 9.2 million yen. Meanwhile, a representative in his 40s at a Hyogo Prefecture branch scammed clients out of approximately 12.7 million yen, which he spent on personal entertainment.
In addition to the 54.9 million yen systematically swindled by the trio, the company found that two employees — including one of the fraudsters — improperly received a further 5.5 million yen.
The FSA previously issued an order in April requiring Sony Life to submit a detailed report on its internal practices and has been conducting hearings into the matter. As the full scale of the misconduct comes to light, the government watchdog is now preparing to escalate its probe.
