Former Oklahoma Insurance Agent Arrested

OKLAHOMA CITY – An investigation by the Oklahoma Insurance Department’s Anti-Fraud Unit has led to the arrest of former insurance agent Nathan Sullivan, Jr., 47. Sullivan is accused of defrauding a Weatherford woman out of more than $30,000 and leaving her with a substantial tax burden.

“Cases like this are extremely upsetting,” said Oklahoma Insurance Commissioner John D. Doak. “The 86-year-old victim treated Mr. Sullivan like a son. She cooked him dinner, loaned him money and even let him stay at her house. He exploited that trust for illegal financial gain. Actions like this won’t be tolerated.”

The victim contacted the Oklahoma Insurance Department (OID) in March after discovering unauthorized charges on her bank statement. The charges were for insurance premiums dating back to Feb. 2012. After obtaining the policy paperwork, investigators discovered the victim’s signature had been forged. Sullivan, who was the victim’s insurance agent at the time, received commissions for the unauthorized sales. A review of all the victim’s accounts revealed more than a dozen different forgeries of her signature resulting in losses of over $30,000.

During the same time period, the victim said Sullivan convinced her to cash an IRA and purchase an inappropriate annuity product that left her with a tax burden of approximately $50,000.

Sullivan fled to Virginia and was arrested over the weekend. He is charged with one count of exploitation of an elderly person, punishable by a fine of up to $10,000 and/or up to 10 years imprisonment. Sullivan is in the process of being extradited back to Oklahoma. The investigation is ongoing and could result in additional charges.

“This arrest was definitely a team effort. We really appreciate the hard work of the Virginia State Police, the Kansas Department of Insurance and Weatherford Police Department,” said Doak.

After OID’s Consumer Assistance Division contacted the insurer, the company reimbursed the victim for her premium losses and surrender fees. She still faces a $50,000 tax burden.

About the Oklahoma Insurance Department  

The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.