Courts / Limerick / Report

Financial adviser to be sentenced on fraud and theft charges

Summary

Patrick Walsh, a 33‑year‑old former Canada Life tied agent, admitted to creating 38 fictitious insurance policies between February 2010 and November 2011, generating €215,000 in fraudulent commissions and €50,000 in performance bonuses. He also stole 37 times from Canada Life, receiving commissions on the fake policies. The company suffered a loss of €230,000. Walsh claimed he fabricated policies to fund a house he was building with his estranged wife, but the scheme spiralled as he needed more money to keep the policies from lapsing. He paid €90,000 to produce the policies, which were worth €75,000 when discovered. Walsh also set up direct debits from genuine policyholders' accounts, refunding them from his own account when questioned. He pleaded guilty to 75 fraud and theft charges and is to be sentenced at Dublin Circuit Criminal Court on Monday.

Who, what, where, when and why

What: Report matter: Financial adviser to be sentenced on fraud and theft charges. Charges or matters: 75 charges relating to fraud and theft. Procedural stage: sentence

When:

• February 2010 Hearing Or Sentence
• November 2011 Hearing Or Sentence
• 2015-06-26 Publication

Why: Walsh told gardaí on arrest that he started manufacturing policies in order to be able to pay for a house he was building with his now estranged wife. CNI source report

Case subjects

Places mentioned

Topics

Fraud Stage Sentence Theft

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Read the original CNI report