Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor revoked the resident insurance agent license of Jeffrey Hum, of Toledo, Ohio, for violations of Ohio insurance law.
A department review revealed that the Illinois Secretary of State issued an order on Aug. 23, 2010 prohibiting Hum from offering or selling securities in Illinois. He was not registered to offer or sell annuities or provide investment advisory services in Illinois.
Despite not being registered, Hum represented himself as a financial advisor and offered investment advisory services to the public. Hum also generated excessive commissions by selling unsuitable annuities to elderly clients that were contrary to the customers’ investment objectives.
Ohio insurance law permits the director to revoke an insurance agent’s Ohio license if they have been barred from participating in any industry.
In addition, a 2002 Lucas County (Ohio) Court of Common Pleas judgment lien against Hum from March 2002 for failing to pay personal income tax in the amount of $356.83 remains unsatisfied.
Ohio insurance law provides the director authority to revoke an Ohio agent’s license for failing to comply with any court order directing the payment of state income tax.
Hum’s resident license was revoked effective April 25, 2011.
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