Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
OKLAHOMA CITY – An investigation by the Oklahoma Insurance Department’s Anti-Fraud Unit has led to the arrest of Tulsa insurance agent Presley Keith Dennis. He is accused of defrauding a Muskogee couple out of nearly $300,000.
“A crime like this is inexcusable,” said Oklahoma Insurance Commissioner John D. Doak. “As the victims’ longtime friend and agent, they trusted Mr. Dennis. But he violated their trust and wiped out their life savings. I commend the Anti-Fraud Unit, the Muskogee Police Department and the Muskogee County District Attorney’s office for their hard work on this case.”
The victims, an 80-year-old man and his 68-year-old wife, told investigators that Dennis convinced them to withdraw $300,000 from their annuities and invest it in his company, Dennis Investments, an unlicensed investment firm. They also said Dennis persuaded them to create a joint checking account with him so he could access the money to make investments. Instead of investing the money, Dennis allegedly spent it on past due child support, country club memberships and restaurants.
Dennis is charged with one count of exploitation of the elderly. He surrendered to Muskogee County authorities Tuesday. His insurance license is currently expired.