Consultant with Springboro ties accused of fraud with clients’ $500K

A financial services consultant with Springboro ties is accused of “misappropriating more than $500,000 from Ohio consumers, utilizing forged documents, and causing policyholders to designate himself as the beneficiary of annuities he sold,” according to the Ohio Department of Insurance.

Greg Oliver and his company, Oliver Financial Services Corporation, are facing regulatory action from the state.

According to a release, the department issued two orders against Oliver and his company “commanding Oliver to immediately cease his fraudulent, coercive, and dishonest practices.” In addition, the department initiated proceedings to revoke his ability to operate under Ohio’s insurance laws.

"Mr. Oliver violated the trust of his clients, he harmed Ohio consumers, and now we are holding him accountable for his actions," Jillian Froment, director of the Ohio Department of Insurance, said in a April 19 release. "Thanks to the work of our investigators, we were able to uncover Mr. Oliver's fraudulent scheme and now we are working to prevent him from doing business in Ohio."

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Oliver’s licenses remained active on Tuesday, according to the state’s on-line database.

On Monday, the state confirmed Oliver’s ties to Springboro. It was unclear if any of the alleged victims were from Springboro.

Oliver, a 1977 graduate of Springboro High, was a member of the Heart of the Panthers alumni group planning an all-class reunion, as well as a member of the 2014 Springboro Sports Hall of Fame class, according to a January 2017 page from the alumni group's web page. The page is on file with the Internet Archive, a non-profit library.

According to the state release, “Gregory Oliver obtained his Ohio insurance license in 1989 and holds numerous appointments with insurance carriers who offer life insurance and annuity products. He is the president of OFS, a licensed insurance agency located in Milford, Ohio.”

After receiving a tip, the department initiated an investigation, and as a result of the investigation, obtained evidence to support that from at least 2014 through 2018, Oliver withheld, misappropriated or converted more than $500,000 from numerous consumers and their accounts without their knowledge or consent. In addition, evidence supports that he submitted fabricated documents to insurance carriers in order to be designated as the beneficiary of insurance policies he had established or serviced.

The Department urges anyone who may have concerns about business dealings they have had with Oliver to call 1-800-686-1527 or visit to file a complaint.” the release concluded.

The Department of Insurance investigates allegations of unlicensed activity, agent misconduct and insurance fraud in Ohio.

It works with other state, federal and local regulatory and law enforcement agencies.

A hearing, scheduled for April 25, has been continued.

Oliver could not be reached for comment.