Insurer CEO used £35k of client money to buy car

Marriott, who was a CEO at Target Underwriting and Professional Insurance Select (PISL), failied to segregate and protect money from clients' insurance premiums. Target and PISL were run as one business under the control of Marriott, who used the client money to support the day to day finances at both failing firms. He also used client money to give himself and his staff bonuses and salary increases and to purchase a £27,500 car for a fellow director and a £35,000 car for himself. These payments were made against a background of worsening trading positions and business being lost b...