STATE OF OHIO DEPARTMENT OF INSURANCE 50 WEST TOWN STREET 3"? FLOOR, SUITE 300 COLUMBUS, OHIO 43215 INRE: : ORDER TO CEASE AND DESIST OFS CORPORATION AND NOTICE OF HEARING NPN: 2831731 : ‘The Ohio Department of Insurance (“Department”) is charged with the responsibility of protecting insurance consumers in Ohio and regulating the insurance industry pursuant to Title 39 of the Ohio Revised Code and the rules and regulations adopted thereunder. ‘The Superintendent has conducted an investigation of the activities of OFS Corporation OFS”), a business entity insurance agent in the State of Ohio, and as a result of such investigation, alleges that it has improperly withheld, misappropriated, or converted money received in the course of doing insurance business, and used fraudulent, coercive, or dishonest practices, or demonstrated incompetence, untrustworthiness, or financial irresponsibility, in the conduct of business in this state or elsewhere. These violations have caused, are causing, or are about to cause substantial and material harm. The following are the specific acts, omissions, practices, and/or transactions that are the subject of this cease and desist order: 1. Onorabout April 4, 2014, OFS, by and through its responsible designated agent, Greg Oliver, received approximately $30,000 from a consumer to be placed in an annuity. OFS and Oliver failed to forward the money received to the insurance company. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 2. On or about January 23, 2015, OFS, by and through its responsible designated agent, Greg Oliver, received approximately $30,000 from a consumer to be placed in an annuity. OFS and Oliver failed to forward the money received to the insurance ‘company. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 3. On or about June 7, 2018, OFS, by and through its responsible designated agent, Greg Oliver, received approximately $50,000 from a consumer to be placed in an annuity. OFS and Oliver failed to forward the money received to the insurance company. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business.4, Onorabout March 3, 2016, OFS, by and through its responsible designated agent, Greg Oliver, received approximately $20,000 from a consumer to be placed in an annuity. OFS and Oliver failed to forward the money received to the insurance company. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 5. Onorabout April 25, 2017, OFS, by and through its responsible designated agent, Greg Oliver, withdrew funds in the amount of approximately $10,000 from a consumer's annuity without the consumer’s consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 6. Onor about April 4, 2018, OFS, by and through its responsible designated agent, Greg Oliver, withdrew funds in the amount of approximately $10,000 from a consumer's annuity without the consumer's consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 7. On or about March 24, 2015, OFS, by and through its responsible designated agent, Greg Oliver, withdrew funds in the amount of approximately $93,100 from a consumer's annuity without the consumer's consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 8. On or about March 22, 2016, OFS, by and through its responsible designated agent, Greg Oliver, withdrew funds in the amount of approximately $30,000 from a consumer’s annuity without the consumer’s consent, It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 9. On or about January 5, 2017, OFS, by and through its responsible designated agent, Greg Oliver, withdrew funds in the amount of approximately $30,000 from a consumer's annuity without the consumer's consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 10. On or about September 12, 2017, OFS, by and through its responsible designated agent, Greg Oliver, withdrew funds in the amount of approximately $15,000 from a consumer's annuity without the consumer's consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 11. On or about September 9, 2016, OFS, by and through its responsible designated agent, Greg Oliver, withdrew funds in the amount of approximately $16,075.16 from a consumer’s annuity without the consumer's consent. It is a violation of R.C.3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 12, On or about November 24, 2014, OFS, by and through its responsible designated agent, Greg Oliver, withdrew funds in the amount of approximately $27,000 from a consumer’s annuity without the consumer’s consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 13. On or about August 4, 2015, OFS, by and through its responsible designated agent, Greg Oliver, withdrew funds in the amount of approximately $32,100 from a consumer's annuity without the consumer's consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 14, On or about July 25, 2016, OFS, by and through its responsible designated agent, Greg. Oliver, withdrew funds in the amount of approximately $30,000 from a consumer's annuity without the consumer’s consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 15. On or about July 5, 2017, OFS, by and through its responsible designated agent, Greg Oliver, withdrew funds in the amount of approximately $12,000 from a consumer’s annuity without the consumer's consent. It is a violation of R.C. 3905.14(B)(4) for an insurance agent to improperly withhold, misappropriate, or convert any money received in the course of doing insurance business. 16. On or about January 30, 2018, OFS, by and through its responsible designated agent, Greg Oliver, received approximately $100,000 from a consumer to be place ina money market account. Oliver placed only $60,000 in the money market account, retaining the remaining $40,000. It isa violation of R.C. 3905.14(B)(9) for an insurance agent to use fraudulent, coercive, or dishonest practices, or to demonstrate incompetence, untrustworthiness, or financial irresponsibility, in the conduct of business in this state or elsewhere. 17. On or about February 21, 2018, OFS, by and through its responsible designated agent, Greg Oliver, received approximately $113,306.41 from a consumer to be place in a money market account. Oliver placed only $60,000 in the money market account, retaining the remaining $53,306.41. It is a violation of R.C. 3905.14(B)(9) for an insurance agent to use fraudulent, coercive, or dishonest practices, or to demonstrate incompetence, untrustworthiness, or financial irresponsibility, in the conduct of business in this state or elsewhere.