Several years after it shutdown due to insolvency, three ex bosses of Independent Insurance have received jail sentences for their part in the fraud.

Main man Michael Bright, now 63, got seven years for defrauding investors.

While the ex finance director and ex Deputy manager got four and three years each.

Withen the firm shutdown in 2001 causing the loss of 1000 jobs the Serious Fraud Office came in to look over the books of the insurer who had filed false accounts claims reporting profits of £22m when they actually lost £180m.

It was claimed the bosses hid the truth about the poor performance of the company, knowing it would affect it's valuation and of course any shareholdings they had personally. At the time the insurer had half a million policy holders from both the private and corporate sectors. These policy holders received between them over £350 million in compensation from the FSA.

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