Former Ohio Insurance Agent Gets 9 Years in Prison for $1.1M Theft from Clients

July 29, 2020

A former Ohio insurance agent has been sentenced to nine years in prison for stealing more than $1.1 million from clients, according to the Ohio Department of Insurance.

The ODI said Gregory Oliver, of Milford, Ohio, was sentenced on July 27 in the Clermont County Court of Common Pleas. He also was ordered to pay $990,027.83 in restitution to his victims.

Oliver obtained an Ohio insurance license in 1989 and held numerous appointments with insurance companies to sell life insurance and annuity products. The Ohio Department of Insurance revoked Oliver’s license, and the license of his insurance agency, Oliver Financial Services, on Dec. 20, 2019, after an administrative investigation revealed Oliver used fraudulent, coercive, and dishonest practices while engaging in the business of insurance.

Oliver pleaded guilty on March 13, 2020, to six felony theft charges after a criminal investigation conducted by the insurance department found he intentionally withheld, misappropriated or converted more than $1.1 million, from 2011 through 2018, without the knowledge or consent of at least 17 clients.

Many of the clients defrauded were over the age of 65. In addition to depositing client insurance premiums into his business account, and withdrawing funds from client annuities, Oliver was also found to have submitted fabricated documents to insurance companies in order to become the designated beneficiary of client life and annuity insurance policies.

Source: Ohio Department of Insurance

Topics Fraud Agencies Ohio

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