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Cantonment Insurance Agent Gets Prison For Racketeering, Money Laundering
May 13, 2015
A Cantonment insurance agent was sentenced to state prison Tuesday for racketeering and money laundering.
Randall Petersen, 49, received eight years in state prison to be followed by seven years probation. He was ordered to pay over a half million dollars in restitution, with the exact amount to still be determined by the court. In April, Petersen was convicted 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.
Comments
3 Responses to “Cantonment Insurance Agent Gets Prison For Racketeering, Money Laundering”
8 years? LOL
Really only 8 years. After all he’s done to these people. Sell the fine cars, home, boat & all the jewelry. That’s a start on restitution. He’s not going to need that stuff for a while. By the time he’s out McDonald’s will be paying about 15.00 an hour… If they will hire him with a record. And his family, what a disgrace to them. But I’m sure they had to know what he was up to…Just as guilty….. Shame, shame on you Petersen.
Exactly where he belongs. Unlikely he’ll ever pay restitution though but A for effort.