MINNEAPOLIS - Two Minneapolis women stand charged with stealing more than $1.6 million from the ING life insurance company through a scam that involved cashing out policies.

Angela Patrice Madison, age 41, and Tracy Dione Jackson, age 42, were specifically charged in federal court late Thursday with one count of mail fraud in connection to the alleged crime.

Prosecutors allege that from 2003 through March 6, 2012, Madison worked as a policy plan and service coordinator for ING. In her job she handled requests from ING clients to obtain loans and "surrender," or cash in, their life insurance policies.

Madison allegedly used ING's computer system to generate false surrenders in the names of various individuals, including Jackson. The checks issued as a result of those surrenders were allegedly mailed to Jackson at various addresses across the state or intercepted by Madison and given to Jackson.

Investigators say Jackson then cashed the checks and split the proceeds with Madison.

Through this scheme, prosecutors allege the women stole approximately $1,633,301 from ING, the result of 196 fraudulent checks.

If convicted, the defendants face a potential maximum penalty of 20 years in prison.

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