After serving a jail sentence of three years for making off with £90,000 from his clients, one business liability insurance broker now has six months to pay over £50,000 in restitution.
However, the solictor firms scammed by Clive Hesketh, the professional liability insurance broker, will only be recovering 50 per cent of the cash they spent on what they thought were valid professional indemnity insurance cover. Mr Hesketh was told recently that he must repay a total of £54,319 at a Bolton Crown Court hearing, with the cash being recovered from the forty seven year old’s assets as he languishes in prison on 11 false representation charges after he sold bogus insurance cover to firms.
The Bury-based Mr Hesketh, who traded as Pinnacle Insurance Services, sold falsified policies to one Wolverhampton firm and nine in Bury. He also victimised an Ashton-Under-Lyne, Manchester, social club by selling fake employers liability insurance.
Mr Hesketh took the cash from his clients, produced falsified certificates, and set up monthly credit agreements, all the while using the money to finance debts incurred by his business. The massive scam was discovered in June of 2011 when one of his clients made contact directly with the insurer that had been supposed to be providing the company insurance cover, only to find that there was no policy taken out in their name.
While the legal firms that were defrauded by Mr Hesketh will only be repaid half of what they were scammed out of, the Ashton-under-Lyne social club, The Alexander Club, will be repaid in full, according to legal documents.