Fraud and Lloyd's of London

By the mid-1960's, senior executives who ran Lloyd's insurance syndicates had mismanaged their 300-year old insurance market to the brink of extinction. Decades of writing overly generous policy terms at below market rates had exposed many Lloyd's syndicates to massive asbestos claims.
Beginning in the early 1970's, Lloyd's insiders masterminded and implemented a plan to delay the demise of the Lloyd's market. A handful of top executives saved themselves, and 6,000 British aristocrats who were Names, from financial ruin by defrauding tens of thousands of new investors out of billions of dollars of capital. The "new" capital was used to pay losses already incurred by the old Names. The result was the largest Ponzi pyramid investment scam in history. Lloyd's secretiveness, as well as their insurance litigation, lobbying, and public relations strategies over the past 30 years, have had a single purpose: Avoid, at all costs, the production in court of evidence of fraud implicating high-ranking U.K. government officials and Lloyd's insiders.

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