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John Cressman

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November 27, 1996 | WILLIAM C. REMPEL and SCOT J. PALTROW, TIMES STAFF WRITERS
It was summer, 1982. John Cressman, a fast-rising young auditing executive--a Prudential man like his retired insurance agent father--was stopped in the hall by the consumer affairs chief at the insurance company's Minneapolis regional office. Could he look into a rash of complaints that some sales agents in Iowa were cheating customers, tricking them into mortgaging the value of their old, paid-up life insurance policies for new ones they couldn't afford and didn't need?
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NEWS
November 27, 1996 | WILLIAM C. REMPEL and SCOT J. PALTROW, TIMES STAFF WRITERS
It was summer, 1982. John Cressman, a fast-rising young auditing executive--a Prudential man like his retired insurance agent father--was stopped in the hall by the consumer affairs chief at the insurance company's Minneapolis regional office. Could he look into a rash of complaints that some sales agents in Iowa were cheating customers, tricking them into mortgaging the value of their old, paid-up life insurance policies for new ones they couldn't afford and didn't need?
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BUSINESS
December 31, 1996 | SCOT J. PALTROW, TIMES STAFF WRITER
In the latest in a lengthy string of similar disclosures, Prudential Insurance Co. has told a judge that managers in the company's Des Moines office discarded about 150 documents from customer files earlier this year. The disclosure, likely to add fuel to speculation that the giant insurance company has been systematically destroying sensitive documents, came in the form of a letter from a Prudential attorney to the judge in a class-action fraud case against the company.
BUSINESS
December 10, 1996 | WILLIAM C. REMPEL and THOMAS S. MULLIGAN, TIMES STAFF WRITERS
Florida insurance officials on Monday formally accused Prudential Insurance Co. of a "widespread, systematic pattern of deception" of its policyholders and said the firm faces stiff sanctions that could bar it from selling insurance in the state. Those charges were contained in a 34-page administrative complaint filed against the nation's largest insurance company by Florida Insurance Commissioner Bill Nelson.
BUSINESS
March 16, 1997 | SCOT J. PALTROW, TIMES STAFF WRITER
In 1987, Alfred M. Wolin sailed through a brief Senate confirmation hearing on his nomination for a federal judgeship, with only one matter about his past raising any concern. That was a program Wolin had pioneered as a state judge to clear his court's calendar by pressuring litigants to settle lawsuits. "Is it possible," asked Sen. Howell Heflin (D.-Ala.), himself a former high-ranking state justice, "for a judge to be too aggressive in encouraging pretrial settlements?"
BUSINESS
October 7, 1996 | SCOT J. PALTROW, TIMES STAFF WRITER
A former senior auditor for Prudential Insurance Co. has told investigators that audits beginning in the early 1980s turned up widespread evidence of fraud in the sale of life insurance, and that he personally warned the company's top management only to be ignored, transferred out of auditing and financially penalized, according to documents and sources close to investigations of the company. Florida investigators issued a subpoena to Prudential on Oct. 1, based on sworn testimony from John W.
NEWS
December 9, 1996 | SCOT J. PALTROW, TIMES STAFF WRITER
When New Jersey insurance regulators announced the fruits of a multi-state investigation of giant Prudential Insurance Co. last July, they presented it as a consumer victory. Prudential would pay a record $35-million fine, they said, as well as restitution to thousands of customers who might have been cheated by misbehaving sales agents--a bill that could add up to $1 billion or more. The New Jersey-based insurer seemed chastened.
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