Cantonment Insurance Agent Pleads Not Guilty To Selling Fraudulent Policies

October 9, 2013

A Cantonment insurance agent says he is not guilty of  selling hundreds of fraudulent life insurance policies through a fake employment company.

Randall Petersen, 47, was charged in April with racketeering,  insurance fraud, money laundering, grand theft and criminal use of personal identification. Investigators contended that Petersen created a fictitious employment company to lure individuals into applying for fraudulent life insurance policies earning him more than $330,000 in bonuses and commissions, according to Florida Department of Financial Services and CFO Jeff Atwater.

Prosecutors have since dropped 285 counts of insurance fraud filed against Peterson, and he pleaded not guilty to the four remaining charges. Peterson’s jury trial is set for February.

An investigation by the Department of Financial Services, Division of Insurance Fraud, revealed that Petersen created a shell company using the business name of College Consultants of the Gulf Coast to lure individuals into attending employment seminars throughout the southeastern United States including Florida, Georgia and Mississippi.

Petersen placed an estimated 285 fictitious life insurance policies with American National Insurance Company, which paid him bonuses and commissions of more than $330,000.  American National informed the department of the suspected fraud once the policies started canceling for nonpayment, according to Atwater.

Petersen remains free on a $30,000 bond as he awaits trial.

Comments

4 Responses to “Cantonment Insurance Agent Pleads Not Guilty To Selling Fraudulent Policies”

  1. LegalEagle on October 10th, 2013 2:08 am

    Big Insurance sucks!!!

  2. panhandle observer on October 9th, 2013 10:56 am

    I was one who attended his meetings and feel for his scam,, both he and the his business partner, tried to get the other people in the room to sell his phony policies

  3. Poochylip on October 9th, 2013 8:12 am

    The entire industry should go on trial….this guy is just following suit….how do you think he learned it…steal from the people…not the people you work for..they are a powerful industry.

  4. baebae on October 9th, 2013 8:03 am

    This my friends all comes from one thing…GREED…its ruining America and its way of living. I believe that we will only see more of it. I think the insurance industry is going the same way…GREED…I pay 1/4 of my income to remain properly insured on my property…vehicles… life and health…no wonder people are struggling…now you will be fined if you don’t have it…the insurance industry loves it…then there are guys like this.

Written by William Reynolds · Filed Under News