UK Fines Surety Bond Exec Over $3M Fraud

Law360, New York (January 6, 2011, 6:23 PM EST) -- Britain’s top financial regulator has barred former Surety Guarantee Consultants Ltd. director Barry Williams from working in financial services, and fined him for “turning a blind eye” while his firm defrauded insurers out of £2 million ($3.1 million).

Williams — who was fined £25,000 ($39,000) — didn’t profit from the fraud, but he failed to report it when he learned of it and lied to the insurers to keep the scheme under wraps, England’s Financial Services Authority said in a statement Thursday.

Williams’ company was authorized...
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