Ideal Insurance directors made £1m from bogus policy certificates
The directors of Ideal Insurance defrauded customers by handing them bogus certificates allegedly underwritten by Willis, RJ Kiln and Lloyd’s of London, a court heard.
Neil McKay and Faron Wilson pocketed around £1m through an insurance fraud, London’s Southwark Crown Court heard.
Prosecuting, Jenny Goldring said broker Willis, Lloyd’s insurer RJ Kiln and Lloyd’s of London denied any involvement with Ideal. She said the policies drawn up by Ideal were “completely bogus” and “nothing more than a piece of paper”.
Opening the prosecution case, Goldring said the Lancashire-based broker had also defrauded customers by keeping monthly premiums paid by customers and regularly cancelling policies many clients had taken out with them.
Goldring said: “Mr McKay has accepted responsibility for his fraudulent actions.”
Wilson is charged with one count of conspiracy to defraud and two alternative counts of fraudulent trading. He has pleaded not guilty.