A Wichita insurance agent has lost his license. Sandy Praeger, state commissioner of insurance, said Monday that the action taken against John M. Grover III followed an investigation into the sales of annuities and loans made to the agent by two Kansas residents.
The order, which became final Dec. 5, said that Grover misrepresented an annuity as securities, or investments in stock to one customer. The order also said that another consumer forfeited money when he replaced annuities with new ones that Grover sold him and that Grover falsely stated on the documents that the purchases were not replacements. The sales, dating back to 1997, spanned Grover’s employment with three insurance companies, according to the order. Praeger’s office also found that Grover borrowed more than $80,000 from the two customers, which he did not repay in full. Grover was licensed to sell securities until 2009, but does not currently hold a securities license and is ineligible for one, according to the order.
The commission listed Grover’s office as 7208 Foster.
Grover did not formally respond to the allegations, the commissioner’s office said.
Grover told the Eagle on Tuesday that some of the information in the order was incorrect.