Former Wagoner County Insurance Agent Sentenced For Fraud

Marshall Virden convinced elderly victims to cash in annuities, claiming he would use the money to purchase gold for them.

Wednesday, November 7th 2012, 1:30 pm

By: News On 6

Former Wagoner County Insurance Agent Sentenced For Fraud

Former insurance agent Marshall Virden has been sentenced to two years in prison for defrauding senior citizens in Wagoner County, Oklahoma Insurance Commissioner John D. Doak said in a statement Wednesday.

Virden's punishment comes after a lengthy investigation by the Oklahoma Insurance Department (OID).

"Our Anti-Fraud Unit worked diligently to bring to light the full scope of Virden's criminal activity in the state of Oklahoma," Doak said. "This heartbreaking crime cost several Oklahomans their life savings."

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.

"We are happy to get justice in this case," District Attorney Brian Kuester said. "Mr. Virden received the maximum sentence, which includes prison time and probation, allowing the victims a chance to receive restitution."

OID investigators discovered 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.

Due to efforts of the Wagoner County Sheriff's Office and U.S. Marshals Service, he was eventually arrested in Florida.

"This sentence is just the beginning," Doak said. "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."