A Tulsa insurance agent has pleaded guilty to exploitation of the elderly for defrauding a Muskogee couple out of nearly $300,000. Presley Keith Dennis was arrested in January after an investigation by the Oklahoma Insurance Department's Anti-Fraud Unit, a news release said.
"We take crimes like this very seriously," Oklahoma Insurance Commissioner John D. Doak said in a statement. "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."
The victims, an 80-year-old man and his 68-year-old wife, told investigators that Dennis convinced them to withdraw $300,000 from their annuities and invest it in his company, Dennis Investments, an unlicensed investment firm. They also said Dennis persuaded them to create a joint checking account with him so he could access the money to make investments. Instead of investing the money, Dennis spent it on past due child support, country club memberships and restaurants.
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.