A Bismarck, N.D, insurance and securities agent has been served a cease and desist order for allegedly accepting money from clients and issuing them fraudulent certificates of deposit.
North Dakota Insurance Commissioner Adam Hamm served the order against Kevin Wanner and Precision Financial Services (PFS) on Dec. 4.
The order bars Wanner and Precision Financial Services from engaging in the business of insurance and from withdrawing any moneys from any banking or financial accounts.
The cease and desist order alleges two people were given fraudulent certificates of deposit in return for large sums of money. These certificates of deposit cannot be authenticated by the banks listed on the documents by Wanner. One individual gave Wanner $25,000 and another $160,000 according to the records obtained by the state insurance department.
“We have quickly opened an investigation to uncover any fraudulent or illegal transactions that may have occurred,” Hamm said in a news release. “Anyone that has done business with Mr.Wanner and has questions or concerns is encouraged to contact the Insurance Department at 1-800-247-0560 immediately.”
Wanner has a right to request an administrative hearing within 30 days.
Source: North Dakota Insurance Department
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