Condon to pay £1.3m for Independent fraud

The final confiscation order has been made in the Independent Insurance fraud case, with Philip Condon ordered to pay nearly £1.3m.

A confiscation order against Dennis Lomas for £470,000 was handed down late last year.

In October 2008 Michael Bright paid £1.25m through a civil settlement agreement directly to Independent's liquidators.

Compensation was given in favour of the liquidators from the confiscations made against both Mr Condon and Mr Lomas.

Mr Bright paid his settlement from his pension fund. The settlement agreement arose from civil proceedings taken by the liquidators against the former chief executive.

The payment represented 63% of Mr Bright's pension fund and included a sum that had been accumulating in a restrained bank account since his conviction.

Serious Fraud Office (SFO) director Richard Alderman said: "The SFO is committed to making criminals surrender the benefits of crime by ensuring confiscation of criminal assets and that as much goes to repaying victims.

"We will continue to be aggressive in pursuit of this objective."