BISMARCK, N.D.-North Dakota Insurance Commissioner Adam Hamm today revoked the license of Rex Graves, a Jamestown insurance agent who engaged in deceitful and dishonest practices involving his insurance clients. The revocation bars him from selling, soliciting or negotiating insurance in North Dakota.
Graves misappropriated tens of thousands of dollars from numerous insurance clients who had given him money to pay their premiums. Some clients were unknowingly left without insurance on their homes, farms and vehicles.
The Insurance Department served him with a cease and desist order April 21, barring him from engaging in the business of insurance. Had Graves not consented to revocation, he would have faced an administrative hearing.
"Mr. Graves has shown himself to be untrustworthy and financially irresponsible in conducting business with his clients," Hamm said. "The revocation of his license removes him from the insurance business and eliminates his ability to work with North Dakota's insurance consumers."
Consumers with questions about insurance policies through Graves are encouraged to call the North Dakota Insurance Department at 1-800-247-0560.