Telemarketing Scheme Leads to License Revocation for Texas Agents
The Texas Department of Insurance (TDI) has revoked the licenses of three insurance agents found to have engaged in fraudulent or dishonest acts or practices under the Texas Insurance Code while selling annuities to senior citizens through a telemarketing operation.
By order of TDI, the General Life, Accident and Health licenses of William Anthony Osborne, Gene Michael McKinney, Jr., and Casey Ray VanLoon and were revoked. Osborne was owner of American Senior Estate Services (ASES) which employed agents including McKinney and VanLoon to market living trusts and sell annuities to senior citizens.
Osborne, McKinney, and VanLoon sold annuities that were unsuitable and inappropriate based on the terms and conditions of the investments and the advanced ages of the insured.
In addition, the trio signed annuity contracts sold by salespersons not licensed by TDI or appointed by the insurance company without being present at the time of sale which is a violation of the insurance code.
Finally, TDI found that Osborne and VanLoon shared commissions from the sale of annuities with unlicensed persons.
The three men agreed to the revocation of their insurance licenses while not admitting to violations of the insurance code.
Source: Texas Department of Insurance
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