COLUMBUS – The Ohio Department of Insurance has revoked the licenses of Milford, Ohio, insurance agent Gregory Oliver and his agency, Oliver Financial Services Corporation, for using fraudulent, coercive, and dishonest practices.
An administrative investigation conducted by the department found Oliver, from at least 2014 through 2018, submitted fabricated documents to insurance companies to become the designated beneficiary of his clients’ life and annuity insurance policies. He also intentionally withheld, misappropriated or converted more than $500,000 without the knowledge or consent of his clients.
“Mr. Oliver is no longer legally permitted to sell insurance in the state of Ohio,” said Jillian Froment, director of the Ohio Department of Insurance. “If you suspect that Mr. Oliver may have defrauded you please contact the Ohio Department of Insurance at 1-800-686-1527 or www.insurance.ohio.gov.”
Oliver obtained his Ohio individual insurance agent license in 1989 and held numerous appointments with insurance companies who sell life insurance and annuity products. His individual and agency licenses were revoked on December 20, 2019.
People who suspect agent misconduct are encouraged to report it to the Ohio Department of Insurance. Agent disciplinary action and license information, as well as an agent locator tool to help shop for an agent by city are available on the department’s website, www.insurance.ohio.gov.