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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 1 Comment

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.

Tags: Insurance Advisers

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Comments from our readers

On 16 March 2018 at 3:04 pm smitty said:
Guess my first question, is who was the insurer that he wrote policies for? thought that perhaps there would have been some form of vetting.

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