N.Y. agent admits his role in second large life insurance scheme
A former New York, N.Y., insurance producer pleaded guilty to defrauding three life insurance companies of about $33 million, one year after he was sent to prison for three years for a similar life insurance scheme.
In the latest case, Pape Michael Seck, 41, pleaded guilty in Hudson County, N.Y., superior court to second-degree insurance fraud and two counts of second-degree theft by deception, according to Attorney General Paula T. Dow.
Between Nov. 12, 2006, and June 4, 2008, Seck knowingly used fraudulent pedigree, financial and medical documentation to fraudulently acquire seven life insurance policy applications.
Under the name Mansour Seck, he applied for three $3 million ING/ReliaStar Life Insurance Co./Security Life of Denver Insurance Co. life insurance policies, two $7 million ING life insurance policies, a $5 million MetLife life insurance policy and a $5 million Union Central Life Insurance Co. life insurance policy.
Between May 17, 2007, and June 20, 2007, Seck fraudulently obtained property from ING in the form of commissions on the $7 million life insurance policy. He fraudulently obtained $280,230 in commissions for this policy.
Between Oct. 16, 2007, and Dec. 4, 2007, Seck fraudulently obtained property from Miller & Schrader in the form of a $61,898 premium reimbursement and a $150,000 unsecured loan on the $5 million MetLife life insurance policy.
Under the plea agreement, the state will recommend that Seck be sentenced to seven years in state prison, according to the attorney general.
Sentencing is scheduled for Dec. 2.
In June 2010, Seck was sentenced to three years in prison for attempting to defraud two insurance companies in a separate life insurance scheme. In connection with that case, was ordered to forfeit his New Jersey insurance license and pay $10,000 in fines by New Jersey Superior Court Judge Joseph V. Isabella.
Seck pleaded guilty April 12, 2010, to two counts of second-degree insurance fraud, admitting that between May 22, 2008, and July 27, 2009, he submitted false applications to Prudential Life Insurance Co. and Aviva Life Insurance Co.
The applications were for two $7 million life insurance policies on behalf of Mansour Seck, listing Pape Seck as Mansour Seck’s son and the beneficiary under the policies. He admitted that his father, whose name is Mansour Seck, did not apply for the life insurance, nor did anyone by that name.
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