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Oklahoma insurance agent pleads guilty to exploitation of the elderly

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OKLAHOMA CITY, Okla._An insurance agent from Tulsa has pleaded guilty to a charge of exploitation of the elderly after he defrauded them out of nearly $300,000.

Presley Keith Dennis was arrested in January after an investigation was launched by the Oklahoma Insurance Department’s Anti-Fraud Unit. The victims, an 80-year-old man and his 68-year-old wife, informed investigators that Dennis convinced them to withdraw $300,000 from their annuities and invest the money into his company.

The couple also said Dennis persuaded them to create a joint checking account with him so he would have direct access to their money to make investments. Instead of investing the money as promised, Dennis spent the money on country club memberships, restaurants and past due child support.

“We take crimes like this very seriously,” said Oklahoma Insurance Commissioner John D. Doak. “Licensed insurance agents should protect their clients, not take advantage of them. I commend our Anti-Fraud investigators for their hard work in this case. They will continue to look out for Oklahoma consumers and make sure any bad actors out there are brought to justice.”

Dennis pleaded guilty to one count of exploitation of the elderly. He was given a 15-year suspended sentence, ordered to pay a $500 fine and pay $293,265.83 in restitution.

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