DCBS Media Release
June 4, 1996
Grants Pass insurance agent loses license
(Salem) The Oregon Department of Consumer & Business Services' Insurance Division has revoked the license of a Grants Pass insurance agent for taking money from a consumer and then misappropriating that money for his own use.
William O. Gilman was licensed to sell life and health insurance products in Oregon, and in the course of his business activities accepted a cashier's check for $15,000 from Edward A. Stevens, also of Grants Pass, in order to purchase an annuity from the American Mutual Life Insurance Company. Instead of purchasing the annuity, Gilman deposited the money in his personal bank account for his own use. Misappropriating money belonging to others is a violation of Oregon law, and also grounds for revocation of an insurance agent's license.
"Insurance agents in Oregon who take their customers' money and then fail to provide the agreed upon services will lose their licenses," Oregon Insurance Commissioner Kerry Barnett said. "Insurance fraud is not acceptable, in any form, and we will not allow those who perpetrate it to continue doing business."
The Insurance Division sent Gilman a Notice of Proposed Revocation on May 8, 1996, giving him an opportunity for a public hearing. He did not request a hearing, so the division issued a final order revoking his license on May 31. If he chooses to, Gilman can ask for a review of the order within 60 days by the Oregon Court of Appeals.
The Oregon State Police and the district attorney's office are also investigating other complaints about Gilman's business activities. Insurance consumers with more information or complaints regarding Gilman's conduct as an insurance agent should contact Milt Britt, at the Insurance Division, 503-947-7980.