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Wednesday, October 24, 2007

Insurance chief Bright jailed for 7 years

Insurance chief Bright jailed for 7 years

Michael Bright, the former chief executive of Independent Insurance, faces a seven year stretch behind bars for his part in the collapse of the company he founded.

Judge Geoffrey Rivlin said the 62-year-old was the "architect and driving force" in covering up the company's perilous state of finances and he "corrupted a lot of people along the way". He also disqualified Bright from being a company director for 12 years.

Former finance director Dennis Lomas, 56, was given a four-year prison sentence and ex-deputy managing director Philip Condon, 58, received a three-year sentence after they too were convicted of conspiring to defraud fellow "directors, employees, actuaries, auditors, re-insurers, shareholders, policyholders and others by dishonestly withholding claims data".

2 comments:

James Higham said...

I imagine one meets some interesting people inside. Probably going to find out in the next few years.

Anonymous said...

You write very well.