Dennis Lomas, former FD of Independent Insurance is about to be sentenced after being found guilty in one of the UK 's biggest accounting scandals.
Yesterday, Lomas was found guilty of defrauding directors, employees, re-insurers, shareholders, policy holders and others who had a legitimate interest in knowing the financial condition of Independent Insurance.
Lomas and his fellow directors, former chief exec Michael Bright and deputy MD Philip Condon were remanded in custody after Judge Rivlin QC pronounced them guilty at Southwark Crown Court.
The effect of their actions led to the annual accounts for the year 2000 showing a £22m profit, instead of showing a loss of at least £180m.
In June 2001 Independent Insurance went into provisional liquidation.
Hundreds of
jobs were lost, thousands of shareholders lost investments and more than £366m
has since been paid out under the statutory compensation scheme, according to
the
Serious
Fraud Office.
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