Insurance agent in €215k fraud

A financial advisor for Canada Life committed fraud to the tune of €215,000 by creating fictitious insurance policies for clients that did not exist, a court has heard.

Patrick Walsh, aged 33, of Crawford St, Bruff, Co Limerick, is to be sentenced on Monday at Dublin Circuit Criminal Court after he pleaded guilty to 75 charges relating to fraud and theft.

Walsh was a tied agent with Canada Life Assurance Ireland from February 2010 to November 2011, when the offences came to light. His agency was terminated.

He admitted drawing up 38 fake insurance policies during this period of employment, using names for make-believe clients with names similar to his own, his estranged wife’s, or the names of his genuine clients. Walsh further admitted 37 counts of theft from Canada Life, as the company unwittingly paid him commission for each of the false policies.

On top of his commission payments, Walsh admitted receiving performance-based bonuses amounting to about €50,000.

The court heard that none of the genuine policy holders were left out of pocket, but that Canada Life was at a loss of €230,000.

Walsh told gardaí on arrest that he started manufacturing policies in order to pay for a house he was building with his now estranged wife, but he said “things got into a big mess very quickly” when he had to come up with more and more money to avoid the fake policies from lapsing after a period of time.

Canada Life became aware of the offences when certain policies lapsed and an internal investigation was launched.

John Fitzgerald BL, defending, said there was an initial proposal for Walsh to pay back the money, but as he was unable to do so, the matter was referred to gardaí. Walsh made full admissions to gardaí.