Ex-insurance agent allegedly defrauded Oklahoma couple; misspelled name, forged signature of Gov. Tom Vilsack

According to an affidavit, Wallen had created a fictional company, fake bonds and forged the signature of then-Iowa Gov. Tom Vilsack, a name that was misspelled on the bogus documents. ...

Information from The Oklahoman:

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OKLAHOMA CITY (AP) - The Oklahoma Insurance Department's Anti-Fraud Unit has arrested a former insurance agent who allegedly defrauded a Wynnewood couple out of more than $40,000.

Department officials said Tuesday that Richard Wallen is accused in two felony counts of persuading the couple to purchase bonds from the Iowa State Bond Trust, telling them it would yield a 24 percent return.

According to an affidavit, Wallen had created the fictional company, fake bonds and forged the signature of then-Iowa Governor Tom Vilsack.

An Insurance Department order says Wallen never invested the money and deposited the funds into his personal bank account.

He also allegedly convinced the couple to invest $1,800 in a fake oil and gas venture.

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Copyright 2009 The Associated Press.

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News release from Kim Holland, Oklahoma Insurance Commissioner:

Commissioner Holland Anti-Fraud Unit Arrests Former Insurance Agent