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Cantonment Insurance Agent Convicted Of Racketeering, Money Laundering
April 9, 2015
A Cantonment insurance agent was convicted Wednesday of racketeering and money laundering.
Circuit Judge Ross Goodman found Randall Petersen guilty of conducting a fraudulent insurance scheme that involved the theft of several hundred thousand dollars of commissions and bonuses from American National Insurance Company and Liberty National Insurance Company.
In the scheme, Petersen advertised job opportunities on the internet for College Consultants of the Gulf Coast, and induced hundreds of applicants to provide information for life insurance that he and his associates described as free job benefits.
The prosecutor, Assistant State Attorney Russ Edgar, showed that College Consultants was not a real company and Petersen merely used the information from the job applicants to complete life insurance applications that he submitted to the insurance companies. The companies paid Petersen advance commissions, which were as much as 130% of the first year premiums, and bonuses.
Before the companies realized the insureds were not employees, Petersen had obtained hundreds of thousands of dollars of commissions and bonuses and let the policies lapse for nonpayment.
Petersen faces a maximum of 60 years state prison when he is sentenced on May 12. Goodman ordered Peterson held in the Escambia County Jail without bond until his sentencing.
Comments
7 Responses to “Cantonment Insurance Agent Convicted Of Racketeering, Money Laundering”
So happy he has finally been stopped.. still not sure how he did it but my Mom was paying on a policy that did not exist for years…….. she was almost blind and signed anything he told her to Mama he’s going down!!!
Remember, he has to go through the legal process…and we all know what twists and turns that can take.
We shall see what the system of justice holds for him.
It’s about time, they put him away. He tried to live big for so many years. Now, it caught up with him. There’s a lot of honest insurance personnel out there and this puts a bad taste in there mouth. HOW STUPID can you be… When you play – somewhere down the road you got to PAY!!!!!!!!
Good job Mr. Edgar and staff.
It’s great to know that this weasel will pay for what he has done. Now to see how much time he will serve. And will his wife wait on him…
He played high roller, money, fine cars, diamonds, big home and got it at the mercy of others… Now he can serve his time and start at the bottom when he is released, see what it’s like to not have anything…. I pray he will never work in the insurance business again.
NOT ALL insurance salesman are thieves!!!! Just a few.
He might be a weasel, but the insurance company policy of paying commissions on policies “sold” before any payments are made is well……….
SILLY STUPID.
And how do you sell enough policies to get several hundred thousand dollars in commissions before non payments start happening?
Am I allowed to say this guy is a weasel?