A trusted pension broker pocketed a fortune in com
A trusted pension broker pocketed a fortune in commissions by selling a string of ‘worthless’ schemes for employers J.
Rothschild Assurance, a court heard today (Tuesday).
Giving the appearance of a successful salesman, the 28-year-old seemed to be targeting clients working in Information Technology who had enjoyed bumper pay increases and were anxious to book a comfortable retirement.
But London’s Southwark Crown Court was told Ramsey Shimi was playing a illicit game of deceit and simply filling in applications in the names of former schoolfriends at Dover College and business acquaintances.
And far from being IT specialists, one customer was a chef, and another a clerk.
It saw him being paid commission on the full policies upfront by the Cirencester-based company.
It was only when banks rejected direct debit orders, it was discovered the former public schoolboy had used bogus details and betrayed the people whose identities he stole.
Colin Hart, prosecuting, said the defendant began working for the assurance company in April 1997 as a self-employed sales rep.
‘The position was, it was understood Shimi was selling pensions amongst others to information technology professionals who had suddenly received a rather enlarged upsurge in their incomes,’ he said.
‘From 1997 to March 1998, some 28 pensions were put through – others were perfectly all right – which once the direct debit mandates were obtained and submitted by Shami, were returned by the banks.
‘
An complex investigation was to solve the mystery.
Shami was using false particulars on the application forms.
Shami, of Radland Road, Silvertown, East London, admitted six charges of obtaining money by deception, involving commission payments of pnds stlng 34,000.
Commission due on all 28 fictitious policies would have netted somewhere in the region of pnds stlng 160,000.
Judge Andrew Goymer commented: ‘The scheme was, there were a number of genuine individuals, whose details he had and could use to give an air of authenticity to the transaction.
‘But further inquiries showed they were completely bogus.
‘
Mr Hart said when interviewed by his bosses, Shimi claimed he had an informal arrangement with another man who would introduce clients and they would split profits 50-50.
‘He would be sent back the relevant information, which he transposed himself onto the application forms.
The prosecution do not accept that at all.
‘
The court heard that the individuals betrayed by Shimi had all been traced by detectives and confirmed false addresses, jobs, and bank details had been allocated to them.
The judge adjourned sentence until March 22, but said he would deal with Shimi only on the basis of his six pleas of guilt.
He said: ‘You have pleaded guilty to serious offences for which a prison sentence is almost inevitable.
‘
He remanded Shimi on conditional bail, saying: ‘You must not have any false hopes, I am giving you a decent and humane opportunity to put your affairs in order before I proceed to sentence.
‘
The judge added: ‘Clearly there is an element of breach of trust here.
‘
ends
