Dennis Lomas, former FD of Independent Insurance has been hit with a four-year jail term at Southwark Crown Court after being found guilty of defrauding shareholders.

Within the past hour, he and his fellow directors, chief exec Michael Bright and deputy managing director Philip Condon were in the dock to receive their sentence.

For his part in hiding the true financial position of the collapsed insurance giant, Judge Rivlin QC gave Lomas four years and also banned him from being a company director for 10 years.

Bright was sentenced to seven years, while Condon was sent to prison for three years.

Further reading:

Bright defends Independent Insurance audit cover-up claims