A former financial advisor for Canada Life, who defrauded his employer out of more than €200,000, created fake policies for clients who never existed.

Patrick Walsh of Crawford Street, Bruff in County Limerick has pleaded guilty to 75 charges of fraud and theft.

Walsh worked as a tied agent with Canada Life Assurance Ireland from February 2010 to November 2011, during which time he created 38 fake insurance policies using names for make-believe clients with names similar to his own, his wife's, or names of his genuine clients.

The 33-year-old earned commission from the fake policies – €230,000 in total - that he used to pay for a house he was building with his now estranged wife.

Walsh told Gardai that “things got into a big mess very quickly” when he had to come up with money to pay for the fake policies to avoid them lapsing.

Detective Sergeant Paschal Walsh from the Garda Bureau of Fraud Investigation said the 33-year-old paid a total of €90,000 to fabricate policies.

He also set up direct debits from the accounts of genuine policy holders, and if they noticed and queried the withdrawals he made refunds from his own account.

Judge Patrick Nolan adjourned sentencing until Monday.