Sony Life reps duped clients into canceling policies in fake stock scamTOKYO (TR) – Sony Life Insurance announced that two former sales representatives swindled customers out of cash by convincing them to cancel their insurance policies to fund a fake investment scheme, reports TV Asahi (Aug. 4). The rogue reps allegedly instructed the victims to cancel their existing life insurance policies to free up cash, and then pocketed the refunded premiums. The newly uncovered fraud involves two cases totaling 1.5 million yen. Sony Life previously disclosed that four other sales representatives engaged in shady financial transactions totaling roughly 120 million yen with 14 customers, also using bogus investment pitches. Fearing the scam could be much larger, Sony Life has launched an unprecedented internal probe, reaching out to confirm the safety of accounts for all 2.8 million of its policyholders.