Filed Under:Annuities, Suitability

Oklahoma agent pleads guilty in annuity scam

Rogue advisors

Photo credit: Salvatore Vuono
Photo credit: Salvatore Vuono

A former insurance agent has been sentenced to two years in prison for defrauding senior citizens in Oklahoma. According to investigators from the Oklahoma Insurance Department, Marshall Virden conducted investment seminars across the state, convincing participants to cash in their life insurance and annuity policies in exchange for precious metals such as gold and silver. The victims later learned those investments were fraudulent. Virden fled the state, but was eventually arrested in Florida. He pled guilty to charges that included exploitation of the elderly.

The SEC has taken action against two advisors in connection with a $42-million investment scam targeting Oregon seniors. According to authorities, the two men hatched a scheme offering phony promissory notes with guaranteed monthly interest payments from fully secured real estate investments. In reality, the investments were not secured and the advisors pledged individual investments as collateral for numerous promissory notes. The scam also had Ponzi features, with new investor money used to make interest and principal payments on prior notes. Until they were caught, the two financial rogues used investor money for unrelated deals and for personal expenses. They are currently facing a permanent injunction, disgorgement and civil penalties.

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Nichole Morford

Nichole Morford
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