STATE OF OHIO DEPARTMENT OF INSURANCE ‘50 WEST TOWN STREET 3° FLOOR, SUITE 300 COLUMBUS, OHIO 43215, INRE: ; ORDER TO CEASE AND DESIST \OTICE OF HEARING GREGORY OLIVER al ANI ‘NPN: 282732 : The Ohio Department of Insurance (“Department”) is charged with the responsibility of protecting insurance consumers in Ohio and regulating the insurance industry pursuant to Title 39 of the Ohio Revised Code and the rules and regulations adopted thereunder. The Superintendent has conducted an investigation of the activities of Gregory Oliver (“Oliver”), an insurance agent in the State of Ohio, and as a result of such investigation, alleges that he has improperly withheld, misappropriated, or converted money received in the course of doing insurance business, submitted or used a document in the conduct of the business of insurance when he knew or should have known that the document contained a writing that was forged, caused or permitted a policyholder or applicant for insurance to designate himself as the beneficiary of a policy or annuity that was sold by him, and used fraudulent, coercive, or dishonest practices, or demonstrated incompetence, untrustworthiness, or financial irresponsibility, in the conduct of business in this state or elsewhere. These violations have caused, are causing, or are about to cause substantial and material harm. The following are the specific acts, omissions, practices, and/or transactions that are the subject of this cease and desist order: 1. Onorabout April 4, 2014, Oliver received approximately $30,000 from a consumer to be placed in an annuity. Oliver failed to forward the money received to the insurance company. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 2. Onorabout January 23, 2015, Oliver received approximately $30,000 from a consumer to be placed in an annuity. Oliver failed to forward the money received to the insurance company. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 3. On or about June 7, 2018, Oliver received approximately $50,000 from a consumer to be placed in an annuity. Oliver failed to forward the money received to the insurance company. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business.4. On or about March 3, 2016, Oliver received approximately $20,000 from a consumer to be placed in an annuity. Oliver failed to forward the money received to the insurance company. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 5. On or about December 14, 2016, Oliver submitted a fabricated document that caused himself to be designated as the beneficiary of an annuity that he had sold to a consumer. It is a violation of R.C. 3905.14(B)(26) to submit or use a document in the conduct of the business of insurance when the person knew or should have known that the document contained a writing that was forged. 6. Theallegations contained in paragraph five are hereby incorporated as if fully rewritten herein. It is a violation of R.C. 3905.14(B)(19) for an insurance agent to cause or permit a policyholder or applicant for insurance to designate the insurance agent as the beneficiary of a policy or annuity sold by the agent. 7. On or about April 25, 2017, Oliver withdrew funds in the amount of approximately $10,000 from a consumer’s annuity without the consumer’s consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 8. On or about April 4, 2018, Oliver withdrew funds in the amount of approximately $10,000 from a consumer’s annuity without the consumer’s consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 9. On or about November 24, 2014, Oliver submitted a document that caused himself to be designated as the beneficiary of an annuity that he had sold to a consumer. It is a violation of R.C. 3905.14(B)(19) for an insurance agent to cause or permit a policyholder or applicant for insurance to designate the insurance agent as the beneficiary of a policy or annuity sold by the agent. 10. On or about November 24, 2014, Oliver submitted a document that caused himself to be designated as the beneficiary of an annuity that he had sold to a consumer. It is a violation of R.C. 3905.14(B)(19) for an insurance agent to cause or permit a policyholder or applicant for insurance to designate the insurance agent as the beneficiary of a policy or annuity sold by the agent. 11, On or about March 24, 2015, Oliver withdrew funds in the amount of approximately $393,100 from a consumer’s annuity without the consumer’s consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business.12. On or about March 22, 2016, Oliver withdrew funds in the amount of approximately $30,000 from a consumer’s annuity without the consumer’s consent. Itis a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 13. On or about January 5, 2017, Oliver withdrew funds in the amount of approximately $30,000 from a consumer’s annuity without the consumer's consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 14,On or about September 12, 2017, Oliver withdrew funds in the amount of approximately $15,000 from a consumer’s annuity without the consumer’s consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 15. On or about September 9, 2016, Oliver withdrew funds in the amount of approximately $16,075.16 from a consumer’s annuity without the consumer’s consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 16.On or about November 24, 2014, Oliver withdrew funds in the amount of approximately $27,000 from a consumer’s annuity without the consumer’s consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 17. On or about August 4, 2015, Oliver withdrew funds in the amount of approximately $32,100 from a consumer’s annuity without the consumer’s consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 18. On or about July 25, 2016, Oliver withdrew funds in the amount of approximately $30,000 from a consumer’s annuity without the consumer’s consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 19. On or about July 5, 2017, Oliver withdrew funds in the amount of approximately $12,000 from a consumer’s annuity without the consumer's consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 20. On or about January 30, 2018, Oliver received approximately $100,000 from a consumer to be place in a money market account. Oliver placed only $60,000 in the money market account, retaining the remaining $40,000. It is a violation of R.C. 3905.14(B)(9) for an insurance agent to use fraudulent, coercive, or dishonest practices,