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Milford insurance agency accused of defrauding customers, loses license

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Posted at 12:53 PM, Jan 15, 2020
and last updated 2020-01-15 20:04:37-05

MILFORD, Ohio — The Ohio Department of Insurance revoked the licenses of a Milford insurance agency for allegedly defrauding its customers.

The department stated in a release Wednesday that Gregory Oliver and his agency, Oliver Financial Services Corporation, used fraudulent, coercive and dishonest practices.

An investigation found Oliver fabricated insurance documents to become the designated beneficiary of his clients’ life and annuity insurance policies. The department also alleges Oliver intentionally withheld, misappropriated or converted more than $500,000 without his clients’ permission.

Officials said Oliver is no longer legally permitted to sell insurance in the state of Ohio. They believe the misconduct took place at least between 2014 and 2018.

The department is asking those who think they might have been defrauded by Oliver to contact the Ohio Department of Insurance at 1-800-686-1527 or www.insurance.ohio.gov.