Calleve Bailey, Damien Chastanet and Freeston Jacobs could be jailed or fined after pleading guilty to a joint charge of conspiracy to defraud an insurance company.
The trio fabricated a story of an accident to get over $100,000 from First Domestic Industry & Commerce Insurance Company (FDICIC).
The fraud was detected when the firm did its research in to preparation of the case.
Since the offence falls under common law, there is no specific limit on the penalty that could be imposed, though the general practice in previous similar cases is likely to serve as a guideline.
The men will remain on bail pending their sentence, which Justice Keith Thom has scheduled for October 23.
On January 5, 2012, Bailey reported to the insurance company that he was involved in an accident with Chastanet and Jacobs whose motorcycles were badly damaged.
Jacobs submitted a damage report which showed it would cost just over $60,000 to repair his motorcycle, while the write-off value would be about $41,000.
Chastanet later gave a report that he suffered a fractured leg.
The cost to repair the bike, according to an auto repair shop, would be about 64,000, while a new one would cost just about $45,000.
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