Cease And Desist Order Issued To Texas-Based Organization

Sunday, March 8th 2009, 2:11 pm
By: News On 6

Associated Press

SHAWNEE, OK -- A Plano, Texas-based organization that tried to sell insurance products in Oklahoma without an insurance license has received a cease and desist order from state Insurance Commissioner Kim Holland.

Holland issued the emergency order last week against American Senior Estate Services, along with William Osborne and Jason Wright. The company and the men are accused of using "fraudulent" and "dishonest" business practices.

American Senior Estate Services tried to solicit insurance products in Ardmore by telephoning local senior citizens and falsely implying the seniors' attorneys had hired the company to review their trusts, officials alleged.

The company would then attempt to set up appointments with the seniors and pitch insurance annuity products.

The Oklahoma Insurance Department launched an investigation into the company last week and immediately filed a cease and desist order.

The agency found that the company is currently under investigation by the Texas Department of Insurance for allegedly "using untrustworthy methods and sales tactics when approaching senior citizens in Texas," officials said.

The company and individuals have 30 days from the issuance of the order to request a hearing before the commissioner to vacate the order.

Each violation of the order could result in a $25,000 fine and/or payment of restitution to the victim.