A Tulsa insurance agent has been charged with one count of exploiting the elderly after an Oklahoma Insurance Department investigation into his dealings with a Muskogee couple.
Presley Keith Dennis, 36, turned himself in Tuesday and was booked into the Muskogee County jail. He was released after posting bail on a $50,000 bond, a jail official said.
An 80-year-old man and his 68-year-old wife told investigators Dennis convinced them to withdraw $300,000 from insurance annuities and invest it in his company, an unlicensed investment firm called Dennis Investments. The couple said Dennis also convinced them to create a joint checking account so he could access their money for investments and loans, according to an affidavit.
Instead of investing the money, Dennis used it for past-due child support, country club memberships and restaurants, the affidavit said. Dennis' insurance license expired in November.
If convicted of the felony charge, Dennis could face up to 15 years in prison and fines of up to $10,000.
The investigation involved the Insurance Department's anti-fraud unit, the Muskogee Police Department and the Muskogee County District Attorney's office.
“A crime like this is inexcusable,” Oklahoma Insurance Commissioner John Doak said in a statement Thursday. “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.”