TULSA, OK (KSWO) –Gary Edward Hibbing, a former insurance agent and owner of Grand Lake Investments and Insurance in Grove was sentenced to serve 27 months in prison for implementing a fraudulent scheme that caused his clients to lose $505,126. Hibbing was also ordered to pay $505,126 in restitution.
Hibbing pleaded guilty to two counts of wire fraud and two counts of unlawful monetary transactions in April 2016.
Hibbing defrauded his victims by convincing them to surrender an existing annuity in exchange for a new one. There is usually a penalty for early termination of an annuity and the client often loses money while the agent makes money on a new commission. Hibbing lied to clients to convince them to surrender their existing annuities and immediately purchase new ones. He intentionally failed to disclose early termination penalties and provided false information to insurance companies.