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Former QBE Insurance exec gets jail time for conspiring to embezzle

A former QBE InsuranceGroup Ltd. executive was sentenced to 1.5 years in prison by a U.S.district court for conspiring to embezzle US$2.6 million from the company, Reutersreported April 1.

James Shea, formerly an executive vice president at QBE Insurance'sNorth American unit, was also ordered to pay back US$1.81 million and jointly payUS$2.65 million with a co-defendant in restitution to the insurer.

From 2012 through 2013, Shea worked together with outside consultantEugene Fallon to submit invoices for consulting services purportedly conducted bytwo entities that were never actually done, prosecutors said. Around US$1.81 millionof the embezzled funds was funneled back to Shea, who used the money to buy a houseand luxury vehicles, they added.

Shea and Fallon were arrestedin June 2015 and pleaded guilty in November 2015 to wire fraud. Fallon has yet tobe sentenced, the news outlet reported.