Former QBE VP James Shea has been sentenced by a US judge to 18 months in jail for trying to cheat the Australian insurer out of $US2.6 million ($3.38 million).

A QBE spokesman declined to comment on the matter when contacted by insuranceNEWS.com.au.

Shea was employed in QBE’s North American unit, and was charged last year in the US.

He forged the signatures of his superior to make numerous payments to bogus companies controlled by Eugene Fallon, a consultant who worked for QBE.

Fallon then transferred more than two-thirds of the proceeds to Shea, who used the cash to buy two luxury cars and a house.