Thursday, 25 October 2007

Insurance bosses jailed for fraud

Brand Killer Robots reveal::
Our post on Wednesday, October 3, 2007 entitled Executive Fraud: The biggest killer of commercial brands ever at.
revealed the kinds of psychology that can unfold inside UK insurance companies.

Below is an article, care of the BBC that provides further evidence of the kinds of executive threat that can exist within these companies. Much of which is less to do with intent to deceive for personal gain and more to do with attempting to keep the ship afloat long enough to save it from hitting the rocks. Only to find that you do hit the rocks, but instead of living to fight another day - you wind up in prison.

A former insurance chief has been jailed for seven years after being convicted of defrauding investors. Michael Bright, 63, was in charge of Independent Insurance when it collapsed in 2001 in one of the industry's most high-profile insolvencies.
Finance director Dennis Lomas received a four-year sentence. Deputy manager Philip Condon was given three years. A jury had heard how the trio masked the firm's financial problems by withholding details of claims.

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