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Irish financial adviser's fraud scheme runs out of luck

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The luck of the Irish ran out last week for a financial adviser who admitted to fraudulently creating fictitious life insurance policies for nonexistent clients.

Patrick Walsh of County Limerick, an agent for Canada Life Assurance Ireland, faces 2½ years in jail after admitting drawing up 38 fake life insurance policies between February 2010 and November 2011.

Mr. Walsh pleaded guilty in the Dublin Circuit Criminal Court to 75 charges relating to fraud and theft after he got caught when some of the policies lapsed, the Irish Times reported.

Mr. Walsh admitted receiving commission payments and performance-related bonuses related to the fake policies, which were written for fake clients with names similar to his own, that of his estranged wife or of genuine clients.

He told the Irish police that he had started to scheme in order to pay for a house he was building with his now-estranged wife.

“I was robbing Peter to pay Paul,” he said.