James Otto, OP insurance man, accused of mishandling seniors’ savings

The Missouri secretary of state’s office says an Overland Park man made “unsuitable annuity sales,” which translates into English as “ripping off old people.”

A cease-and-desist order accuses James Otto, a former Bankers Life and Casualty Co.

insurance agent, of steering investors into products that were better for him than his clients. Though not licensed to sell securities or give investment advice, Otto allegedly moved more than $7 million of his clients’ money into commission-rich annuities.