Insurance broker imprisoned after diverting customer payments into personal account

An insurance broker who abused his position of trust to divert payments totalling more than £133,000 into his own personal bank account has been sentenced to more than five years in prison, following an investigation led by the Insurance Fraud Enforcement Department (IFED).

Leon Price, 45, of Playstool Road, Sittingbourne, Kent, used his role as an insurance broker to mislead customers, falsify documents, and misdirect payments intended for legitimate insurance policies. His actions left individuals and businesses without valid cover for homes, vehicles, and commercial property - placing them at serious risk.

Yesterday (Thursday 20 November) he appeared at Inner London Crown Court where he was sentenced to a total of five years and three months in prison.

Leon Price exploited his position as a Commercial Insurance Manager to manipulate systems and deceive both customers and insurers. Using his insider knowledge, he was able to generate policy documents without requiring payment during the initial cooling-off period. He then misdirected customer payments into his personal account, presenting the documents as genuine cover. In many cases, Price cancelled policies before the cooling-off period expired and re-incepted them with another insurer, creating a new cooling-off window. This allowed him to maintain the appearance of valid insurance, while ensuring that no legitimate cover was in place.

Detective Oliver Gent, Insurance Fraud Enforcement Department (IFED), said:

“Leon Price systematically abused his position of trust to defraud customers and insurers, leaving victims uninsured and exposed to serious financial risk. His actions demonstrate the devastating impact of insurance fraud - not only financially, but in the risks it creates for innocent people.

“Thanks to the vigilance of insurers and the cooperation between industry partners, IFED was able to uncover the scale of Price’s offending and bring him to justice. This case highlights the importance of partnership working and intelligence sharing in tackling fraud.”

The discovery was made following an investigation by LV= General Insurance (part of Allianz) into a policy incepted by Leon Price. LV= General Insurance identified that a motor insurance policy had been registered using the same address as another existing customer who already held home insurance with them. Records confirmed that the newly insured details were incorrect, as LV= General Insurance had evidence of the true resident at that address. When contacted, Price assured LV= General Insurance that the motor policyholder was a chartered accountant and that the address was accurate. Unsatisfied with this explanation, LV= General Insurance examined the policy further and spoke directly to their customer, who confirmed they did not own a Peugeot 308 and had never taken out such an insurance policy.

Matt Crabtree, Head of Financial Crime Intelligence & Investigations, at Allianz said:

“Insurance fraud continues to be a serious problem. In this case, our fraud teams spotted the insider concerns when validating a suspicious policy. Even though we were one of a panel of insurers used by the brokers, I’m pleased that our Special Investigations Team went on to uncover the true extent of Price’s wide ranging and prolonged frauds, while the support of the senior leaders at our broker and officers at IFED led to his swift arrest upon our referral.

“While these cases may be rare, we work hard to ensure those behind insider frauds who are abusing their positions are brought to justice and we’re pleased with the result.”

Price also issued motor insurance cover notes directly to customers, taking cash or bank transfers into his own account. He moved privately owned vehicles onto trade policies without the knowledge or consent of policyholders, enabling drivers to avoid police seizure, but leaving them uninsured. In addition, he offered commercial insurance to businesses, producing fraudulent documents on headed paper and diverting payments into his personal account.

Beyond misdirecting premiums, Price impersonated genuine policyholders to pursue fraudulent claims against their policies. By controlling the claims process from start to finish, he was able to insert his own bank details into payment forms, ensuring that insurers paid him rather than the rightful customers. He submitted invoices, claim forms, and receipts to insurers as if they were genuine, while the actual policyholders remained unaware that claims had been made in their names.

Through these methods, Price built long-term relationships with individuals and businesses, gaining their trust before exploiting it for personal gain. Victims believed they had valid insurance cover but, in reality, were left exposed to significant financial and personal risk. In one case, Price placed members of a horse‑riding school at serious risk by failing to insure riders, instead diverting their payments into his own account.

The scale of Price’s offending was revealed through cooperation between insurers and IFED. This included:

• One high-value insurance provider identified six fraudulent claims linked to Price’s accounts, including claims for water damage, stolen bikes, hearing aids, and ceiling damage. Price abused the broker–insurer relationship by controlling claims from start to finish, inserting his own bank details, and ensuring genuine policyholders were unaware claims had been made against their policies.
• A family-owned business paid over £18,000 to Price across several years, believing they had valid commercial insurance. Price provided fraudulent certificates on headed paper, leaving the business uninsured.
• One individual paid thousands to Price for motor, trade, and property insurance. He was twice stopped by police for driving uninsured vehicles, despite having documents supplied by Price. He later received a fraudulent payout from Price’s personal account after his burger van was stolen.
• One individual, a landlord, made repeated payments to Price after he claimed Invicta had changed its bank details. She later discovered the documents provided were false and no insurance cover was in place.
• Another landlord, was misled into believing his properties and vehicles were insured. In reality, Price neither placed cover nor took payment, leaving them exposed to losses - including a property damaged after being turned into a cannabis factory.
• One individual trusted Price for over a decade with her family’s insurance needs. After her relatives passed away, Price exploited that relationship, directing payments for jewellery and property insurance into his own account.

During an interview with IFED officers, Price opted to answer “no comment” to all questions that were put to him.

As part of the sentencing process, IFED will seek to commence confiscation proceedings under the Proceeds of Crime Act (POCA), with the funds directed to compensate the victims he defrauded.