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Christmas In Jail For Convicted Cantonment Insurance Agent
December 24, 2015
A Cantonment insurance agent sentenced to state prison for racketeering and money laundering will spend Christmas in jail despite his efforts to be released.
In May, Randall Petersen, 49, received eight years in state prison to be followed by seven years probation, and was ordered to pay over a half million dollars in restitution. He was back in court Wednesday asking that he be set free while he appeals the sentenced. Judge Ross Goodman took the motion under advisement — meaning that he will issue decision later, and, for now, Petersen will remain behind bars.
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
2 Responses to “Christmas In Jail For Convicted Cantonment Insurance Agent”
shame on him and how is he gona pay money back if hes in prison? hope he enjoyed spending money that didnt belong to him.so sorry joy johns that your mom had to deal with this man before her death.yes its hard to forgive someone like that.god bless you
I really do try to be a forgiving person (most of the time) but my Mama died without the insurance she had been paying for because of this little thief. Eight years was not enough time to get for what he did to her and a lot of other elderly people so by all means keep his sorry butt where he belongs!