Published: October 30th 2026.
ST. PAUL, MN - A former employee of St. Paul-based Securian Life Insurance Company has been charged with six felonies after investigators alleged he diverted nearly $390,000 in life insurance benefits into personal bank accounts between December 2024 and January 2026.
Caz Colby Abbott, 44, is charged in Ramsey County District Court with three counts of theft by swindle and three counts of theft involving movable property without consent.
According to the criminal complaint, Abbott began working for Securian in 2020 as a claims examiner. His position allowed him to review, approve, and deny life insurance claims and payments. Investigators allege Abbott used that access to redirect payments intended for beneficiaries into financial accounts he controlled.
The alleged scheme came to light on January 9, 2026, when Wings Credit Union contacted Securian regarding a suspicious life insurance payment of $92,521.93. The payment had been issued to a deceased policyholder's estate but deposited into a bank account belonging to Abbott.
According to the complaint, Abbott told the credit union he was a relative and heir of the deceased policyholder and was entitled to the payment. He also provided documents purportedly issued by the State of Washington to support his claim.
Wings subsequently discovered Abbott was employed by Securian and identified two additional suspicious payments deposited into his account in June and September 2025.
Securian conducted an internal investigation and identified approximately 15 life insurance claims in which payments appeared to have been diverted into accounts controlled by Abbott. The matter was referred to the Minnesota Bureau of Criminal Apprehension (BCA).
BCA investigators reviewed financial records from Wings Credit Union, Affinity Plus Federal Credit Union, and U.S. Bank. According to the complaint, investigators determined that Abbott had allegedly submitted or processed beneficiary information that resulted in insurance payments being deposited into his personal accounts rather than reaching their intended recipients.
Investigators also alleged Abbott created email addresses under his control and used them to send communications falsely appearing to originate from legitimate beneficiaries.
Among the transactions identified was a $198,271.88 payment issued on October 28, 2025, in connection with a deceased Florida policyholder. According to the complaint, Abbott modified information in Securian's claims system, including the bank account and routing numbers, before the payment was deposited into an Affinity Plus account he controlled.
Another transaction involved a $92,521.93 payment issued on January 6, 2026, that was intended for the estate of a deceased Alaska policyholder. Investigators allege the payment was instead deposited into Abbott's Wings Credit Union account.
The complaint identifies approximately $31,502.25 in allegedly fraudulent payments between December 5, 2024, and April 22, 2025, another $265,422.01 between May 14 and October 28, 2025, and $92,521.93 on January 6, 2026.
Together, those transactions total approximately $389,446.19 in allegedly diverted life insurance benefits.
Investigators also examined Abbott's financial activity during the period of the alleged thefts. According to the complaint, Abbott purchased a Minneapolis home in November 2025 for $290,000, making a down payment of $86,500.
Financial records also showed a $32,473.18 payment from one of Abbott's Affinity Plus accounts to a vehicle dealership on November 9, 2025. The complaint does not establish that these purchases were funded entirely through the allegedly diverted insurance payments.
On March 19, 2026, a BCA special agent contacted Abbott's attorney, who declined an opportunity for Abbott to speak with investigators. The attorney also acknowledged that Abbott was attempting to sell the Minneapolis property and indicated that proceeds from the sale would be placed into a trust account.
Abbott faces three felony counts of theft by swindle and three felony counts of theft involving movable property without consent under Minnesota Statute 609.52.
Two of the theft-by-swindle charges involve amounts exceeding $35,000, each carrying a maximum statutory penalty of 20 years in prison, a $100,000 fine, or both. The remaining four felony charges each carry a maximum statutory penalty of 10 years in prison, a $20,000 fine, or both.
The charges are allegations, and Abbott is presumed innocent unless and until proven guilty in a court of law.