A former Oklahoma insurance agent has been arrested for fraud and state officials are seeking victims of a scam he allegedly perpetrated upon elderly individuals.
The Oklahoma Insurance Department announced that Marshall Virden, a former Oklahoma insurance agent, has been arrested, but not yet charged, for exploiting several elderly individuals by selling them fraudulent investments.
The OID said it discovered that Virden gained the confidence of his victims though investment seminars; and in some cases, he befriended his victims for several years in order to gain their trust. Virden would then convince these unsuspecting “customers” to turn in life insurance and annuity products in exchange for precious metals such as gold and silver, according to insurance regulators. Victims later learned that their investments were fraudulent and that Virden had fled the state.
The department said Virden has been arrested and will be brought back to Oklahoma to face charges for his alleged crimes. However, while several of his victims have come forward, regulators suspect that many others may remain unidentified, either because they are unaware that they have been defrauded, or are hesitant to come forward, according to the OID.
“We encourage anyone who has conducted business with Marshall Virden or ‘Professional Worldwide Services’ to contact the Oklahoma Insurance Department so that we can verify their investments,” said Insurance Commissioner John Doak. “We are very protective of Oklahoma’s seniors, and we want to help them make sure that those investments are safe. We don’t want any of our seniors to be embarrassed or feel like they did something they shouldn’t have. They were taken advantage of by a very convincing criminal.”
Source: Oklahoma Insurance Department