A 34-year-old man from Lisarow on the New South Wales Central Coast has been sentenced to prison after admitting to a sophisticated insurance fraud scheme that defrauded GIO Insurance of more than $57,000.

Alexander Marc Ryan pleaded guilty in Gosford Local Court to four fraud offences and one count of cultivating a prohibited plant. The court heard that Ryan used stolen credit card details to purchase motor vehicle insurance policies before deliberately overpaying the premiums and requesting refunds for the excess amounts.

According to agreed court facts, Ryan repeatedly manipulated GIO's refund process throughout 2025. In one incident, he purchased a comprehensive insurance policy worth several thousand dollars but intentionally paid far more than required using fraudulent credit card information. He then contacted the insurer claiming the overpayment had been accidental and requested that the excess money be refunded directly to him.

The court heard Ryan also altered policy details after purchase, including changing excess amounts and switching insured vehicles, allowing him to generate additional refund payments. In another case, he purchased a policy worth about $1,500 but paid $10,000 using fraudulent payment details before requesting a refund of the difference. The bank later reversed the fraudulent transactions, leaving GIO with significant financial losses.

Ryan also attempted to exploit the claims process after lodging a claim for damage to his Hyundai i30. To pay the required insurance excess, he used fraudulent credit card transactions totalling approximately $47,000 before again claiming he had accidentally overpaid and requesting another substantial refund.

Police began investigating after receiving information about suspicious financial activity. A search warrant executed at Ryan's Lisarow home uncovered evidence connected to the fraud as well as a cannabis plant growing inside the residence. During police interviews, Ryan admitted taking out the insurance policies, requesting refunds and transferring the refunded money into his personal bank accounts, where he spent the proceeds.

During sentencing, the court heard Ryan was already serving community correction orders for previous offences, including larceny and shoplifting, when he committed the fraud. Judge Kirralee Perry described him as a high-risk repeat offender with an extensive history of fraud offences and noted that his gambling addiction had contributed to his criminal behaviour. The judge also found that the offending demonstrated a high level of planning and sophistication.

Ryan was convicted on all charges and sentenced to 20 months' imprisonment, with a non-parole period of 13 months. Taking time already served into account, he will first become eligible for parole in January 2027. The court also ordered him to repay $57,419.67 in compensation to GIO Insurance.

The case highlights the significant consequences of insurance fraud and the increasing use of financial monitoring systems to detect suspicious transactions. Authorities continue to encourage businesses and financial institutions to report unusual activity promptly to help prevent organised fraud and protect consumers.