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Oklahoma Insurance Department Needs Assistance in Locating Victims

 

OKLAHOMA CITY – Insurance Commissioner John D. Doak stated today, “Oklahomans need to be aware of a scam that recently targeted some of our senior citizens.”

In an on going investigation the Oklahoma Insurance Department wants to inform citizens that Marshall Virden, a former Oklahoma insurance agent has been arrested, but not yet charged, for exploiting several elderly individuals by selling them fraudulent investments.

The OID has discovered that Virden gained the confidence of his victims though investment seminars; and in some cases, he befriended his victims for several years in order to gain their trust. Virden would then convince these unsuspecting “customers” to turn in 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.

Virden has been arrested and will be brought back to Oklahoma to face charges for his alleged crimes. However, while several of his victims have come forward, we suspect that many others may remain unidentified, either because they are unaware that they have been defrauded, or are hesitant to come forward.

“We encourage anyone who has conducted business with Marshall Virden or “Professional Worldwide Services” to contact the Oklahoma Insurance Department so that we can verify their investments,” said Doak. “We are very protective of Oklahoma’s seniors, and we want to help them make sure that those investments are safe. We don’t want any of our seniors to be embarrassed or feel like they did something they shouldn’t have. They were taken advantage of by a very convincing criminal.”

The Oklahoma Insurance Department is asking anyone with information about this crime to call our Anti-Fraud Unit at (405) 521-6614.

Additional information about how to avoid falling victim to these and other scams is available on the Oklahoma Insurance Department website at www.oid.ok.gov.