MINNEAPOLIS (WCCO) – A Minneapolis woman pleaded guilty on Thursday in federal court to stealing more than $1 million from the ING life insurance company.
Angela Patrice Madison, 41, pleaded guilty to one count of aiding and abetting mail fraud.
In her plea agreement, Madison admitted that from 2003 through March 6, 2012, she worked as a policy plan and service coordinator for ING. She handled ING clients’ requests to obtain loans and “surrender” – that is, cash in – their life insurance policies.
Madison used ING’s computer system to generate false “surrenders” in the names of various individuals, including her co-defendant, Tracy Dione Jackson, 42, of Minneapolis.
The checks issued as a result of those surrenders were mailed to Jackson at various addresses across the state, or were intercepted by Madison and given to Jackson. Then Jackson cashed the checks and split the proceeds with Madison.
Through this scheme, the women stole approximately $1,633,301 from ING, the result of 196 fraudulent checks.
Jackson pleaded guilty to one count of aiding and abetting mail fraud, and entered her plea on Aug. 28, 2012.