Oklahoma Investigating Insurance Agent for Fraud, Exploitation

An Oklahoma insurance agent is facing charges for exploitation of the elderly and fraud, investigators say.

Oklahoma Insurance Commissioner John D. Doak announced that charges have been filed in Kay County against Marshall Virden. An arrest warrant has been issued and bond set at $50,000 for a single count of Exploitation of an Elderly Person by Trick or Deception. Assistant District Attorney Ed Goodman of Kay County filed the charge.

According to Doak, Oklahoma Insurance Department investigators found that Virden gained the confidence of a Ponca City couple during an investor’s seminar in 2007. Virden is accused of using his existing insurance agent relationship with the couple convince them to cash in their annuities, claiming he would use the money to purchase silver for the victims.

The investigation revealed that no silver was bought for the victims and that Virden had instead embezzled more than $23,000 of the victim’s money, the OID reported.

Virden is also accused of additional criminal activity. The OID noted that charges have been filed against Virden for alleged fraud committed against a resident of Collinsville, Okla.

The victim in that case has alleged Virden defrauded him of more than $2,000. OID investigators found that the victim met Virden through his parents, who were Virden’s clients.

Virden allegedly used his existing relationship with the parents to persuade the victim to purchase silver.

The OID said its investigation revealed that after one month and numerous unreturned phone calls the victim tried visiting Virden. After several attempts, the victim learned that Virden had left town without his wife and with all of his money.

“We do not yet know the full scope of Virden’s activity in Oklahoma. Our Anti-Fraud Unit is committed to making sure that all of Virden’s alleged crimes are uncovered and that justice will be delivered,” Doak said in an announcement released by the OID.

Source: Oklahoma Insurance Department