Broker pleads guilty
An insurance broker who was convicted of fraud a decade ago has pleaded guilty to new charges brought by the Financial Markets Authority.
Friday, March 16th 2018, 2:00PM 
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Garry James Patterson was charged in relation to insurance policies issued between July 1 2013 and May 28 2015.
He admitted holding out that he was in the business of providing financial services when he was not registered or a member of an approved dispute resolution service, and obstructing the FMA’s investigation by refusing or failing to comply with a notice to attend an interview.
He will be sentenced in April.
The FMA said it would offer more comment after that.
Patterson was convicted in 2006 of fraud for “tombstoning” – signing up non-existent clients for insurance to earn extra commission - and was imprisoned.
At the time, insurance executives said it highlighted the need for more professionalism in the industry.
In 2004, Patterson was expelled from the then-Life Brokers Association.
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