MUSKOGEE, Okla. - The Oklahoma Insurance Department announced Thursday the arrest of a Tulsa insurance agent accused of defrauding an elderly couple out of nearly $300,000.
Insurance Commissioner John Doak said Thursday Presley Dennis scammed an 80-year-old man and his 68-year-old wife into investing in his unlicensed investment firm, Dennis Investments.
The victims, from Muskogee, were persuaded into withdrawing $300,000 from their annuities and creating a joint checking account with Dennis so he could make investments on their behalf, according to Doak.
Instead, Dennis allegedly spent it on past due child support, country club memberships and restaurants.
“A crime like this is inexcusable,” said Oklahoma Insurance Commissioner John D. Doak. “As the victims’ longtime friend and agent, they trusted Mr. Dennis. But he violated their trust and wiped out their life savings. I commend the Anti-Fraud Unit, the Muskogee Police Department and the Muskogee County District Attorney’s office for their hard work on this case.”
Dennis, who surrendered to Muskogee County authorities Tuesday, is charged with one count of exploitation of the elderly. His insurance license is currently expired.