Two insurance consultants who cheated their company out of £500,000 could be forced to sell their luxury homes to pay back the stolen money.

Colin Basil Wellicome and Peter Foster will be hauled in front of a judge and face being stripped of assets and cash after their scam brought an insurance company to its knees.

Wellicome, of Steeple View, Worthing, was jailed for three years at Lewes Crown Court after admitting charges of defrauding his Service Underwriting to the tune of £276,000.

He had denied the offence at an earlier hearing before changing his plea in March.

According to his former employer the 51-year-old, the son of 1948 Winter Olympic bob-sleigher Basil Wellicome, had also launched an unsuccessful unfair dismissal claim against the firm.

Foster, 53, of Southview Drive, Worthing, was sentenced to 12 months imprisonment for his part in the fraud that netted him £186,000.

Mike Lewis, finance director of Service Underwriting, said the company was shocked by the pair’s fraud and hoped a full confiscation hearing will be held in August.

He said: “The initial emotions were shock, disappointment and anger to name but a few. The serious breach of trust was very challenging to accept particularly from two senior and long serving individuals. Their fraudulent activity could have brought the company down with the loss of 30 jobs within, and further job losses externally.”

Mr Lewis said the initial period following discovery was “particularly difficult” for the Kent-based firm as they reassured clients and footed the bill for the fraud investigation.

The two men are due to appear before Lewes Crown Court on June 15 for a directions hearing.

The 2002 Proceeds of Crime Act, along with the Asset Recovery Incentive Scheme, has allowed police to ask courts to strip criminals of their cash and possessions.

Police can now apply for forfeiture orders, which allows them to keep cash seized from offenders, or for confiscation orders, which force offenders to pay back the equivalent of what they made through crime.

Between April and December last year £1.5 million of criminal assets were confiscated by Sussex Police.