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Lloyd's to clamp down on brand fraud in wake of scam.
(From Lloyds List)
Byline: Misuse of global brand name nets Internet fraudster GBP1.3m as 5,000 businesses are conned in 'greedy' Canary Wharf racket, writes James Brewer
LLOYD'S has pledged to clamp down hard on fraudsters attempting to use the famous brand, after a swindler who claimed to have market authority was jailed for two and a half years for deception.
Robert Damon-Aspen, who had no connection with Lloyd's, conducted the scam over the internet from an office at Canary Wharf, through his insurance intermediary CFT Group Insurance Services.
According to the Serious Fraud Office, he used the internet to take premiums from more than 5,000 clients without obtaining cover for them at Lloyd's, and issued forged policy documents to disguise his fraud. He has been ordered to pay over GBP210,000 ($385,500) as confiscation.
Julian James, director for worldwide markets at Lloyd's, said after the case: 'The integrity and reputation of the financial services sector underpins confidence in the UK as a place to do business. Lloyd's, working with the Serious Fraud Office and the City of London Police in this investigation, has demonstrated its resolve to seek out malpractice involving the Lloyd's name where it might occur in the insurance industry.
'Lloyd's powerful global brand is one of its greatest assets and we will not tolerate any misuse of our name. The fraud team at Lloyd's which investigates alleged misuse has an outstanding track record.'
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