Florida insurance agent charged with falsifying $3 million worth of life insurance policies

According to the DFS, an investigation conducted in coordination with the DFS’ Division of Agent and Agency Services found that Mr. Oakley, a licensed insurance agent, executed an elaborate scheme in which he created a shell company, AIMS, and directed an employee to file false applications for life insurance policies in excess of $3 million.  The government alleged that, as the head of AIMS, Mr. Oakley received monetary commissions from the sale of the policies but purposefully neglected to pay the subsequent premium payments. When confronted by investigators, Mr. Oakley admitted to intentionally defrauding insurance companies for the sole purpose of receiving commission payouts, the government said. 

The DFS said that Mr. Oakley’s scheme unraveled when his business partner became suspicious and contacted the Division of Insurance Fraud. The DFS said that bank records subpoenaed as part of the investigation proved that Mr. Oakley was the sole signer on bank accounts that contained the fraudulently obtained commission payouts; that Mr. Oakley withdrew funds from these accounts for personal use; and that, in total, Mr. Oakley acquired nearly $30,000 in commissions from the sale of five bogus policies that totaled $3 million in coverage.