Okla. Construction Bond Businesses Ordered to Shut Down

Oklahoma Insurance Commissioner Kim Holland announced she has ordered Dan Lyon to stop conducting unauthorized business involving insurance in Oklahoma. The order states Lyon provided a surety bond that may be illegal to guarantee performance of a construction contract with Edmond Public School District.

The order also lists companies and individuals associated with Lyon, including Shonto Surety Inc., Belfort Bancorp Inc., Carter Green, Karen Willliams, M. Tyndall and Regal Diversified Inc. must also cease conducting insurance business in Oklahoma. Belfort Bancorp Inc. and Regal Diversified Inc. purportedly provided financial backing for the surety bond.

“Mr. Lyon and his associates have violated state law by misleading consumers and acting as if they are authorized to conduct insurance business in this state, when in fact they are not,” said Holland.

Persons who believe they are a victim of insurance fraud or a scam are encouraged to call the Oklahoma Insurance Department at (405) 521-2991 or statewide toll-free at (800) 522-0071.