Former Oklahoma agent gets prison for annuities fraud

August 23, 2016 by Kristen Beckman

A former Oklahoma insurance agent was sentenced to 27 months in federal prison for annuities-related fraud, according to the Oklahoma Insurance Department.

Following an investigation, Gary Edward Hibbing, former owner of Grand Lake Investments and Insurance in Grove, Oklahoma, pleaded guilty to two counts of wire fraud and two counts of money laundering.

Hibbing was accused of lying to his clients to convince them to surrender their existing annuities and immediately purchase new ones while failing to notify those clients of early termination penalties. Hibbing also provided fraudulent information to insurance companies in the “twisting” scheme.

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Originally Posted at Lifehealthpro on August 22, 2016 by Kristen Beckman.