Judge says "greed" drove Ideal Insurance directors into fraud
Fraudulent brokers Faron Wilson and Neil McKay were today jailed for a total of 10 years and four months for committing a £1m insurance scam.
Wilson's was jailed for six years following sentencing at Southwark Crown Court. He was found guilty of one count of conspiracy to defraud.
McKay's sentence was four years and four months. He pleaded guilty to one count of conspiracy to defraud.
Both will serve half their sentence depending on good behaviour.
Judge Taylor said: "This was a high value, planned, substantial fraud concerning multiple victims over a five year period and committed out of greed."
Working from their Chorley-based offices, the pair conned customers and insurers of more than £1m by creating bogus insurance certificates, cancelling policies without telling the customer and skimming off the remaining premium payments, and pocketing customers money without passing it on.
Wilson splashed out on a string of luxury motors, including a £27,000 Audi A6. The fraud was carried out between 2003 and 2008.
McKay deceived the FSA and continued to trade, despite being jailed in 1996 for obtaining property by deception.
The FSA has come under scrutiny for not catching the conmen earlier.
Lloyd's of London, Willis, RJ Kiln were all falsely put down as underwriters on bogus certificates. The court heard that the two owed Primary General - now UK General Insurnace - £62,000.
McKay and Wilson were both banned from being directors of any company for 10 years.
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