Category Archives: IDS Life Insurance

Oscar Overbey, Former Broker, Sentenced For Defrauding Investors to Fund Gambling Habit

On October 3, 2014, the US Attorney’s Office for the Northern District of Illinois announced that Oscar Donald Overbey, Jr., of Country Club Hills, and formerly Evanston, had been sentenced to 3.5 years in federal prison for defrauding over 30 people out of $4 million to pay personal expenses and fund a gambling habit.

His victims were told they were investing in short term, government backed investments that paid 10% interest.

FINRA records indicate that Overbey was last registered in 2006 with Ameriprise Financial Services in Northfield, Illinois. Prior to that he was with IDS Life Insurance Company.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900