A former AIG employee has been jailed for stealing £390,478 from the insurer.
James Beaver was sentenced to two years in prison for the fraud he carried out while working as a claims handler at AIG and following his dismissal.
Beaver pleaded guilty at City of London Magistrates’ Court to fraud by abuse of position, fraud by false representation and money laundering.
The City of London Police’s Insurance Fraud Enforcement Department (IFED) led the criminal investigation into his fraudulent activity.
Beaver was dismissed by AIG in January 2018 for gross misconduct, unrelated to his fraudulent activity.
Following his dismissal, he made an attempt to gain entry to AIG’s premises during non-working hours, by claiming to be another current member of staff. He was denied access by security staff and AIG referred the case to IFED.
IFED found that between May 2016 and January 2018, Beaver made 91 payments to his own bank account—totalling £345,235—by creating false claims and changing client bank details to his own.
He also managed to steal £45,243 from AIG after he’d been dismissed, by making a further three fraudulent payments to himself.
Beaver later admitted that the stolen money was used to fund a drug habit he developed after the death of his son.
Detective constable Justin Haws, from IFED, said: “Beaver found himself in a hopeless situation in his personal life and unfortunately chose to steal from others rather than seek out the help he so desperately needed.”
“IFED takes all cases of insurance fraud extremely seriously, no matter the individual’s circumstances. We continue to work effectively with insurers to try and eradicate fraudulent activity within the industry and deter anyone who is thinking of getting involved.”
Haws added: “Beaver must now pay the price for actions, not just with the sentence handed down by the court, but also with the loss of his job and reputation after he abused the trust given to him by his employers.”