Broker jailed for £1m fraud
Timothy Barker, formerly of Lloyd's broker Besso, has been jailed for three and a half years for tricking bosses into paying him extra money.
According to the London Evening Standard Besso paid Barker, who sold financial insurance products, an extra £270,000 in salary, commission and bonuses over four years. He was arrested in June 2006 after he claimed £1m of client's money was actually profit. It is understood the fraud cost Besso £2.5m as it paid out extra dividends and staff bonuses as a result of Barker's actions. He was convicted in Southwark Crown Court of four counts of providing false information.
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