A former Collinsville, Okla., insurance agent was arrested March 28 in Florida for allegedly exploiting a group of senior citizens in Oklahoma for money.
Marshall Virden, 54, allegedly convinced senior citizens in Broken Arrow, Okla., during an investors’ seminar, to cash in their annuities and invest it in gold. Instead of purchasing gold, Virden allegedly embezzled the victims’ money, according to a Newson6.com report.
Authorities said there could be dozens of victims and many may not yet know they’ve been scammed.
Virden allegedly convinced at least one elderly couple to cash out their annuities and buy more than $20,000 worth of gold before pocketing the cash, according to media reports.
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