An advisor from Ireland may have just given Canada a bad name – Canada Life, that is. But that isn’t keeping him from pointing the finger at the company for attempt at fraud.
A former self-employed Canada Life advisor in Ireland was recently sentenced to two-and-a-half years in jail for defrauding the company out of $465,000. The guilty advisor created 38 fictitious insurance policies in order to subsidize the construction of a family house.
Unfortunately for Patrick Walsh, not only did he get caught but his wife couldn’t stand the thought of being married to a fraudster so she left. Now, he’ll spend time in the big house.
"I got myself into a big hole and couldn't see a way out. I was under pressure from Canada Life to sell more and more policies. I was robbing Peter to pay Paul,” said Walsh. “In hindsight, I should have put my hands up earlier. I'm a normal person who made a mistake, or rather who made 38 catastrophic mistakes.”
Walsh’s scheme lasted a total 22 months, during which time the advisor created all sorts of fake names similar to his own, his wife’s and those of his genuine clients. Canada Life found out when some of the fake policies lapsed first, arousing suspicion and then an internal investigation.
Walsh could have avoided jail if he’d paid back the money but he couldn’t and the matter was passed to the local police. Thankfully, his real clients suffered no losses, only Canada Life.
Unfortunately for Patrick Walsh, not only did he get caught but his wife couldn’t stand the thought of being married to a fraudster so she left. Now, he’ll spend time in the big house.
"I got myself into a big hole and couldn't see a way out. I was under pressure from Canada Life to sell more and more policies. I was robbing Peter to pay Paul,” said Walsh. “In hindsight, I should have put my hands up earlier. I'm a normal person who made a mistake, or rather who made 38 catastrophic mistakes.”
Walsh’s scheme lasted a total 22 months, during which time the advisor created all sorts of fake names similar to his own, his wife’s and those of his genuine clients. Canada Life found out when some of the fake policies lapsed first, arousing suspicion and then an internal investigation.
Walsh could have avoided jail if he’d paid back the money but he couldn’t and the matter was passed to the local police. Thankfully, his real clients suffered no losses, only Canada Life.
