Canada Life advisor jailed for fraud
A financial advisor for Canada Life who defrauded the company out of €230,000, by creating fictitious insurance policies, has been jailed for two and a half years.
Patrick Walsh of Crawford Street, Bruff, Co Limerick admitted 75 charges of fraud and theft at Dublin Circuit Criminal Court.
Patrick Walsh worked as an agent with Canada Life Assurance Ireland from February 2010 to November 2011 when his fraudulent activity was found out.
He admitted drawing up 38 fake insurance policies, using names for make-believe clients.
The 33 year old further admitted 37 counts of theft from Canada Life, as the company unwittingly paid him commission for each of the false policies and performance based bonuses.
No genuine policy holders were left out of pocket, but Canada Life was at a loss of €230,000.
Judge Martin Nolan accepted this had been a “one off fall from grace”, but added that Walsh's “long pattern of criminal behaviour” warranted a custodial sentence of 2 and a half years.
