A Canadian life insurance broker has been jailed for eight years for defrauding his clients of almost $C1.5 million ($1.5 million).

Gary Palmer from Winnipeg was an independent agent of Great-West Lifeco and was arrested in October 2006 for running a Ponzi fraud scheme.

He persuaded about 24 clients to make withdrawals from their investment accounts so he could then transfer their money into higher performing funds.

Instead, Palmer used the funds to pay for cars, holidays and family expenses.

Justice Perry Schulman says he handed down the harsh sentence because Palmer showed no remorse.

He read a letter of apology to the court saying: “I profoundly regret my actions. I really can’t state it any other way.”

Justice Schulman questioned Palmer’s sincerity. “It’s called empathy – I don’t see any,” he said.

“Mr Palmer is a financial predator who abused his trust in the community and showed no mercy to his victims.”