Former Oklahoma insurance agent Marshall Virden has been sentenced to two years in prison for defrauding senior citizens in Wagoner County, the Oklahoma Insurance Department (OID) announced. The punishment comes after a lengthy investigation by the OID.
Virden pled guilty to one felony count of exploitation of elderly. He received a 10-year sentence with eight years suspended. He was also given credit for time served.
OID investigators discovered that Virden held investment seminars across the state. He would then convince these unsuspecting “customers” to cash in their life insurance and annuity products in exchange for precious metals such as gold and silver. Victims later learned that their investments were fraudulent and that Virden had fled the state.
The insurance department said that hhanks to the efforts of the Wagoner County Sheriff’s Office and U.S. Marshals Service, Virden was eventually arrested in Florida.
“This sentence is just the beginning,” stated Insurance Commissioner John Doak. “Virden faces charges in two other counties, and we believe there are more victims who haven’t come forward. We encourage them to do so. We are determined to protect every Oklahoma senior against insurance fraud.”