CRIME: Former president of Chartered Insurance Institute jailed for fraud

Michael Bright who was once regarded as one of the country's leading businessmen is starting a seven year prison sentence for what the judge called "prolonged and grave dishonesty". His former finance director and deputy managing director were also jailed today. Independent Insurance, once based at a prestigous City of London address, was an award winning company but when things started to go wrong its bosses set in train one of the most comprehensive cover-ups the City has ever seen. When it finally collapsed a thousand people lost their jobs, according to one estimate there was a one billion pound black hole in the accounts. The Serious Fraud Office was called in. Now the SFO are reclaiming his remaining assets built up during his time at Independent. The government has already paid out three hundred and fifty-seven million pounds in compensation to the companies policyholders. But an expensive investigation and trial mean the bill to the taxpayer continues to grow.

ITN Source | October 24, 2007

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