We use cookies to improve this site and enable full functionality. You can change your cookie settings at any time using your browser. Our cookie policy.

Insurance broker guilty of commission fraud

Insurance broker guilty of commission fraud

Insurance broker guilty of commission fraud An insurance broker has been found guilty of pocketing thousands in commission fees after selling fictitious life and critical illness cover.

According to a report at FT Adviser, Ahmad Sherazi, 38, of Foxes Parade, Waltham Abbey, was given a nine-month suspended sentence after pleading guilty to fraud by false representation. He was also ordered to carry out 90hrs of unpaid work.

Sherazi committed the fraud while working for Eunisure – the insurance broking company which later discovered his fraud and passed on his details to the Insurance Fraud Enforcement Department.

Overall, he submitted 32 fraudulent applications for both critical illness and life insurance policies using false addresses, names and bank account details. In each case he picked up a commission payment and overall pocketed £8,000 from his con.

The fraud was uncovered when the direct debit payments on the policies were refused. This led to Eunisure scrutinising the applications and finding that fraudulent details were entered with Sherazi using his own or former addresses on many of the policies. When confronted by managers he admitted that he had made the policies up in order to gain commission payments, the report states.

Related stories:
Willis to pay £90 million over Ponzi scheme suit
Horwich Farrelly nails record eight insurance fraud claims in one day