Financial Advisor ordered to pay over £1M confiscation order for commissions scam.
On 26 May 2010 Philip Anthony Bates [DOB 23/10/72] was ordered to pay a confiscation order of £1,479,404 by 26 November 2010, or serve a default sentence of five years imprisonment. Philip Bates was originally sentenced in December 2008 for defrauding major insurance companies into paying over £1M in up-front commissions on fake policies.
The confiscation included an order for compensation in the sum of £1,022,523 to be paid out of the confiscation funds with a separate compensation order of £123,799 made in respect of one victim.
This confiscation relates to two counts of fraudulent trading in respect of Anderson Owen Limited and Transtone Consulting Limited for which Mr Bates was sentenced to 5 years imprisonment on 12 December 2008 following a 6 week trial.
For further background, access the following link to the sentencing:
Press release, 12 December 2008
The investigation was conducted by the SFO in conjunction with the City of London Police.
