Saturday, April 25, 2015

RANDALL PETERSEN, A CANTONMENT, FLORIDA INSURANCE AGENT, WAS FOUND GUILTY OF RACKETEERING AND MONEY LAUNDERING. HE FACES A MAXIMUM OF 60 YEARS STATE PRISON




APRIL 24, 2015

CANTONMENT, FLORIDA

A Cantonment insurance agent was found guilty Wednesday of racketeering and money laundering in a judge trial, according to a news release from the State Attorney's Office.

Operating under multiple business names, Randall Petersen, 49, conducted a fraudulent insurance scheme that involved his theft of several hundred thousand dollars of commissions and bonuses from American National Insurance Company and Liberty National Insurance Company, according to the release.

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.

In a judge trial — a trial where evidence is presented directly to a judge instead of a jury — presided over by Circuit Court Judge Ross Goodman, Assistant State Attorney Russ Edgar showed that College Consultants was not a real company.

 Edgar argued that Petersen had 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 included bonuses and as much as 130 percent of the first year premiums.

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. Sentencing is scheduled for May 22.

The case resulted from an investigation by the Florida Division of Insurance Fraud.