In 2004, Insurance Commissioner Carroll Fisher resigned from office after being charged with embezzlement and perjury. He wasn't the first Okie insurance commissioner to be removed from office. That honor goes to Parry Ballard, back in 1913.
2007 0305 - CARROLL FISHER GETS OUT OF JAIL OKLAHOMA CITY (AP) - [link]
Former state Insurance Commissioner Carroll Fisher was released from the Oklahoma County jail Monday morning. A judge in Oklahoma City, agreed to release Fisher on the conditions.
2009 0210 - The Oklahoman - Former Insurance Commissioner Carroll Fisher sentenced to 6 months, by Nolan Clay - [link]
"To a layperson like myself, it's amazing insurance companies make money on this, too, but they know their business," Reece told The Oklahoman.
Program canceled & lawsuits
As of February 2010, OSU and Lincoln National had filed suits against each other.
The OSU suit claimed Lincoln National's agents lied and misrepresented the plan and its costs.
Lincoln National's lawsuit was filed against Boone Pickens, claiming he was responsible for urging the OSU to cancel the policies.
On March 9, 2012, the federal judge overseeing the lawsuit between OSU and Lincoln National sided with Lincoln National in its case with OSU.[7]
2007 0326 - LA Times - Now this is taking one for the team, by Greg Johnson - [link]
The Pickens insurance plan passed muster with Oklahoma state regulators, but Oklahoma State’s Gift of a Lifetime Program is generating controversy.
U.S. Sen. Charles E. Grassley (R-Iowa), who has been investigating the tax-exempt status of major college athletics programs, last week told Congressional Quarterly that he had questions about the Pickens program.