OKLA. BOND SCAM ALERT:

Insurance Commissioner Carroll Fisher warned Oklahomans that Eastern Shores Casualty and Indemnity Co. and Continental Surety Company Ltd. are unlicensed to sell bonds in Oklahoma and are possibly shams. Allegedly, an Arizona agent has been operating the companies, claiming they were offshore entities. In February, Fisher ordered Phoenix-based Diana Greene, with International Bond Source, to stop doing business in Oklahoma. At the time, it was believed she was mainly targeting used car dealers by selling fraudulent bonds over the Internet, but only a handful of cases involving Oklahoma victims were identified. Since that time, officials have learned of bonds sold to other types of businesses. Fisher said Arizona officials have identified over $1.5 million in unpaid claims across the nation. Greene was indicted in Arizona on three separate felony counts, in addition to revocation proceedings started earlier against her license. A dozen other states where she is suspected of selling the fraudulent bonds have joined the investigation. It is believed Greene may be continuing to operate in Oklahoma via the Internet despite the threat of sizeable fines. People who have contracted with Greene, International Bond Source, Eastern Shores Casualty or Continental Surety Co. may call the Oklahoma Insurance Department’s fraud division toll free at (800) 522-0071.

Topics Oklahoma