(Tulsa, OK) - Members of the Oklahoma Insurance Department’s Anti-Fraud Unit say a Tulsa insurance agent is accused of defrauding a Muskogee couple out of nearly $300,000.
The victims are an 80-year-old man and his 68-year-old.
The couple told authorities that Presley Keith Dennis convinced them to withdraw $300,000 from their annuities and invest it in his company, Dennis Investments, an unlicensed investment firm.
The victims say Dennis persuaded them to create a joint checking account with him so he could access the money to make investments. Instead of investing the money, Dennis is suspected of spending the cash on past due child support, country club memberships and restaurants.
Oklahoma Insurance Commissioner John D. Doak saus, “A crime like this is inexcusable. 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 is charged with one count of exploitation of the elderly. He surrendered to Muskogee County authorities Tuesday. His insurance license is currently expired.