Gregory Oliver (Photo: Provided/Clermont County Sheriff’s Office)
A former insurance agent from Milford was sentenced to nine years in prison Monday after officials said he stole over $1.1 million from clients, many of whom were over the age of 65.
Gregory Oliver, 61, was also ordered to pay more than $990,000 in restitution to his victims, according to a release from the Ohio Department of Insurance.
According to the release, Oliver obtained an Ohio insurance license in 1989 and opened Oliver Financial Services Corporation. He met with insurance companies to sell life insurance and annuity products.
A criminal investigation later revealed that Oliver intentionally withheld, misappropriated or converted more than $1.1 million from at least 17 clients between 2011 and 2018. Many of those clients were over the age of 65, the release states.
Officials said Oliver deposited client insurance premiums into his business account, withdrew funds from client annuities and submitted fabricated documents to insurance companies in order to become the designated beneficiary of client life and annuity insurance policies.
On Dec. 20, 2019, the Ohio Department of Insurance revoked Oliver’s license and his agency’s license for what they called “fraudulent, coercive, and dishonest practices.”
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Oliver pleaded guilty on March 13 to six felony theft charges, according to court records.
Oliver was sentenced Monday in the Clermont County Court of Common Pleas and booked in the Clermont County Jail, according to jail records. He is currently listed as an inmate at the facility.
“Mr. Oliver took full advantage of the trust factor granted to him by many of his older clients and he is being held accountable for those wrongful actions,” Ohio Department of Insurance Director Jillian Froment said in the release. “I would like to commend the hard work put forth by our investigative team and the Clermont County Prosecutor’s Office to ensure justice was served. I also want to thank both the Miami Township Police Department and Clermont County Sheriff’s Office for assistance provided to our organization.”
The release states consumers should actively monitor their insurance accounts and regularly review their account statements. Consumers can report questionable transactions or suspected agent misconduct to the Ohio Department of Insurance at 1-800-686-1527 or online.
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