Ahman Sherazi, 38, from Waltham Abbey, pleaded guilty to fraud by false representation and was sentenced to nine months imprisonment, suspended for two years, and ordered to carry out 90 hours of unpaid work.
The fraud came to light when the insurance broking company Sherazi worked for, Eunisure, passed details to the city of London Police’s Insurance Fraud Enforcement Department (IFED).
Working for Eunisure as a self-employed agent, Sherazi submitted 32 fake applications for life and critical illness insurance policies using false names, addresses and bank account details, raking in commission payments of £8,000.
However, direct debit payments on the policies were refused and cancelled, leading Eunisure to scrutinise the applications.
Just four of the 36 policies arranged by Sherazi during his time at Eunisure turned out to be genuine, with the fraudster using his own or former addresses on many of the applications.
After failing to pay the money back to Eunisure, the case was referred to Insurance Fraud Enforcement Department (IFED) for criminal investigation.
Sergeant Steven Holland, from the IFED, said: “Sherazi exploited his knowledge of the company’s systems so that the policies he was submitting got through the initial application checks so he got paid the commission fees. The fraud was picked up quickly and investigated efficiently and thoroughly by our investigator Tony Freeman, resulting in this successful prosecution.”