Three insurance agents who sold inappropriate or unsuitable living trusts and annuities to senior citizens through a telemarketing operation had their insurance licenses revoked in Texas.

The Texas Department of Insurance revoked the general life, accident and health licenses of William Anthony Osborne, Gene Michael McKinney Jr., and Casey Ray VanLoon because the agents were found to have engaged in fraudulent or dishonest acts or practices in the sale of the annuities.

Officials said the men agreed to the license revocation, but did not admit to the violations.

Osborne was owner of American Senior Estate Services, 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, officials said. In addition, the trio signed annuity contracts sold by salespersons, either not licensed by the state or appointed by the insurance company, without being present at the time of sale, as required by state law.

Osborne and VanLoon also shared commissions from the sale of annuities with unlicensed persons, officials said.