Arenstein & Gallagher Criminal Defense Attorneys
513-823-3012
Text
513.432.5421
Assertive Representation In State & Federal Court
View Our Practice Areas

Consultant accused of misappropriating funds from consumers

When an individual or company illegally and intentionally used funds of another party for their own use, they could be charged with misappropriation of funds. Misappropriating funds is a form of embezzlement, and you could face criminal charges in the state of Ohio. The severity of the penalties will depend on the amount of money involved and other circumstances surrounding the incident.

The president of a license insurance agency, Oliver Financial Services Corporation, as well as the company itself, is facing state regulatory action following the alleged misappropriation of $500,000 from Ohio consumers without their consent and other fraud-based crimes. According to authorities, the president apparently worked as a financial services consultant for the company and used forged documents to get policyholders to designate him as the beneficiary of the annuities sold by him.

The department of Insurance has issued orders against the consultant and his company, demanding that they cease all fraudulent activity. The consultant is also working to stop the consultant from working under state insurance laws.

If you are accused of fraudulent behavior, you may face criminal charges as well as other regulatory penalties. Embezzling more than $150,000 but less than $750,000 is a third-degree felony in Ohio and could result in a minimum of nine to 36 months in prison and/or up to $10,000 in fines. Theft from an elderly or disabled person, or someone in the active military, could result in a fifth-degree felony charge and even more serious penalties. If you have been charged with a white-collar crime of any kind, it is important for you to seek counsel from an experienced attorney in your area.

No Comments

Leave a comment
Comment Information

We Will Assess Your Case For Free

To learn more about our firm and services, reach out to us today. You can call us at 513-823-3012 or schedule an appointment online. Initial consultations are always free.

Email Us For A Response

Contact Us Today Discuss Your Criminal Defense Issues

Contact the Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy