A NSW broker’s attempt to pass off false insurance contracts underwritten with $30 million of coverage from Lloyd’s came unstuck when the UK institution alerted the Australian Securities and Investments Commission (ASIC) to his actions.

Scot Weston last week pleaded guilty to four charges of dishonest conduct brought by the regulator in Sydney’s District Court and will be sentenced on June 6.

The charges related to Mr Weston’s conduct during his employment at Hirtes Insurance Brokers between June 1 and August 27 2002.

During that time Mr Weston created fraudulent certificates of currency and certificates of insurance purporting to be underwritten by Lloyd’s.

He then distributed the documents to a number of go-kart track operators and the NSW Department of Tourism, Sport and Recreation.
 
ASIC spokesman Emma Forehan told insuranceNEWS.com.au Lloyd’s and several Australian insurers alerted ASIC to Mr Weston’s actions.