Former Collinsville Insurance Agent Arrested In Florida For Fraud

Wednesday, March 28th 2012, 1:46 pm
By: News On 6

A former Collinsville insurance agent has been arrested in Florida on a charge filed in Wagoner County, Oklahoma.

Oklahoma Insurance Commissioner John Doak says Marshall Virden, 54, has been charged in Wagoner County with one count of exploitation of elderly or disabled by deception/intimidation.

Doak and Wagoner County District Attorney Brian Kuester began an investigation in June 2011 when they received a complaint about Virden.

Doak says their investigation found Virden had gained the confidence of elderly citizens residing in Broken Arrow during an investors' seminar.

In a news release, Doak says Marshall Virden, under the company name of Professional Worldwide Services, convinced the elderly victims to cash in their annuities, claiming he would use the money to purchase gold for them.

"Folks thought they were buying actual gold bars. A very safe investment and there was nothing back there behind it. Nothing," said Oklahoma Insurance Commissioner John Doak.

"This is a very personal matter when you lose a lot of your life savings over something like this. It's embarrassing."

The investigation revealed that no gold was bought for the victims and that Virden had instead embezzled the victim's money.

"Elder abuse and exploitation cases are a high priority in District 27. Our office will prosecute those that harm our elders, to the fullest extent of the law. We look forward to future opportunities to work with the Oklahoma Insurance Department, and other law enforcement agencies regarding elder abuse cases," said Wagoner County DA Brian Kuester.

A felonywarrant was issued March 15th and Virden was arrested Wednesday morning inFlorida. Investigators say he will be brought back to Oklahoma to face chargesin Wagoner County.

Doak says they do not yet know the total number of victims in this case and if anyone has come in contact or had similar dealings with Marshall Virden to call the insurance department's anti-fraud unit at 405-521-6614.