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Oklahoma business briefs, Aug. 9

Oklahoma business briefs, Aug. 9, 2014
Oklahoman Published: August 9, 2014

Oklahoma briefs

Insurance fraud brings jail time

A former insurance agent in Creek County has been sentenced to 120 days in jail for embezzling premium payments from elderly clients. Donna Laverne Parrick, 50, pleaded guilty to six counts of embezzlement and also received a 10-year deferred sentence for each count, the state Insurance Department said Friday. The punishment stems from a 2012 investigation by the Insurance Department. “One of our top priorities is protecting consumers and we take that duty very seriously,” state Insurance Commissioner John D. Doak said. The agency began investigating Parrick after receiving a complaint from the daughter of an 80-year-old woman who had purchased a homeowners policy from Parrick but never received a copy of the policy. Anti-Fraud investigators found that Parrick pocketed the 80-year-old’s premium payment along with several others, including those from a 77-year-old widow and a 70-year-old woman. Parrick, of Depew, has paid $10,927 in restitution. She must also pay fines, fees and court costs totaling $2,687. Parrick’s insurance license was revoked in November 2012.

Sonic serves up new dividend program

Sonic Corp. has created a new cash divided program for shareholders and will repurchase up to $105 million of its common stock over the next year beginning in September, the company said Thursday. The drive-in chain will pay a quarterly dividend of 9 cents per share Nov. 21 to shareholders of record as of Nov. 12. The company also said it will boost its share repurchase plan for the next fiscal year to $105 million for the year beginning Sept. 1, up from $80 million in fiscal year 2014. “We believe the initiation of a cash dividend and our continued commitment to a share repurchase program highlight the confidence we have in our brand and business model,” Sonic CEO Clifford Hudson said in a statement. “As we look forward, we see that our multilayered growth strategy should generate ample cash to optimize shareholder value in this manner.”

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