One broker was short and sweet in how they would deal with disgraced cyclist Lance Armstrong, and his decision to fight a $12.9 million fraud payout.
Armstrong, who had his seven Tour de France titles stripped when he admitted to a prolonged doping campaign last year, had been paid the money in bonuses following his title winning rides.
An arbitration panel in Texas ruled against Armstrong and he has been ordered to pay back the bonuses but has reportedly refused to do so.
“Then put him in jail!” Paula MacMillan told Insurance Business, despite the claim from Armstrong’s attorney, Tim Herman, that the award is “unprecedented,” as no court or arbitrator “has ever reopened a matter which was fully and finally settled voluntarily.”
SCA Promotions, the sports insurance company involved, believe the $12.9 million award to be the largest award of sanctions assessed against an individual, and comes following Armstrong’s vehement denial of doping that came to an end two years ago.
SCA’s president and founder Bob Hamman, told
USA Today that “it is hard to describe how much harm Lance Armstrong’s web of lies caused SCA.”
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