By order of TDI, the General Life, Accident and Health licenses of William Anthony Osborne, Gene Michael McKinney, Jr., and Casey Ray VanLoon and were revoked. Osborne was owner of American Senior Estate Services (ASES) which employed agents including McKinney and VanLoon to market living trusts and sell annuities to senior citizens.
Osborne, McKinney, and VanLoon sold annuities that were unsuitable and inappropriate based on the terms and conditions of the investments and the advanced ages of the insured. In addition, the trio signed annuity contracts sold by salespersons not licensed by TDI or appointed by the insurance company without being present at the time of sale which is a violation of the insurance code. Finally, TDI found that Osborne and VanLoon shared commissions from the sale of annuities with unlicensed persons.
The three men agreed to the revocation of their insurance licenses while not admitting to violations of the insurance code.