Cantonment Insurance Agent Busted For Selling Fraudulent Policies

April 30, 2013

A Cantonment insurance agent has been arrested on several felony charges for allegedly selling hundreds of fraudulent life insurance policies through a fake employment company.

Randall Petersen, 47, was charged with insurance fraud, grand theft and criminal use of personal identification. Investigators contend 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.

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.

Petersen was booked into the Escambia County Jail.  If convicted, he faces up to 30 years in prison.  Pending the outcome of the criminal investigation, administrative action may be taken against his insurance license.

Petersen was released from the Escambia County Jail on a $30,000 bond.


17 Responses to “Cantonment Insurance Agent Busted For Selling Fraudulent Policies”

  1. David Huie Green on May 3rd, 2013 10:47 am

    LeagleEagle, You do not have to buy insurance unless you are intending to drive a vehicle on a public road. Driving on private property does not need insurance, nor does a bicycle even ON a public road. It is like requiring a pilots licence to fly or clothes to go out in public or a licence to sell or prescribe drugs. Of course you may oppose those too. David for covering the subject

  2. LegalEagle on May 3rd, 2013 5:11 am

    Isn’t it ironic when someone rips off the insurance company it’s criminal but when the insurance company rips off the client it’s civil and you have to fight them for years and years and years…Isn’t it also interesting the state can require you to have insurance on your car thereby MAKING you do business with a private company. Insurance is nothing more than legalized gambling and just like at the casino the odds are always in the house’s favor…

  3. David Huie Green on May 2nd, 2013 9:02 am

    Bond is only to be sure they show up for trial.
    It is NOT to punish them for what they may be innocent of doing; punishment is only for after conviction — if ever.
    If they are dangerous to others or flight risks, no amount of bond is allowed.

    David for reasonable requirements

  4. JIM W on May 1st, 2013 6:38 pm

    @ Lil boycotter. You may not see the value of insurance currently but there will come a time you do I can guarantee you that! What you are talking about here is illegal! On top of that to have the minimum PIP is just plain out wrong. Do you have any idea what happens after that 10/20 coverage is exhausted? No I seriously doubt it. If you have any sort of assets at all and the bills exceed the coverage by contract law you are personally responsible for it. You really should have 100/300 with a million dollar umbrella it really does not cost that much more to have the better coverage. But then again I understand your thought process as you think insurance is a scam in the first place and that all agents are dishonest.
    After having spent 37 years in this business I can say without a doubt that all of the agents that I have had the privilege to know and or work with are 100% honest. Because if they are not they will not survive in the business. Don’t believe me ask your Florida Insurance Commissioner about it and see what you are told.
    It’s time for you to get real and quit scamming the rest of us by not doing what is required by law and is the responsible thing to do.
    Jim for being responsible and honesty!!!

  5. chris1 on May 1st, 2013 6:54 am

    Bond is way too low.
    I dont understand the bond setting system

  6. Jane on May 1st, 2013 5:12 am

    This is why you should check out the BBB and other sources before you attend seminars, or do business with someone you don’t know.

  7. David Huie Green on April 30th, 2013 4:20 pm

    Lil boycotter,
    You ARE a criminal since you ate breaking the law driving on the public roads without either enough insurance to cover the cost of damage you may do others or a bond large enough to pay it yourself. Further, you are stealing from others by driving our rates up to make up for your disregard for the law. You don’t have to drive although it is convenient for you.

    Personal injury protection is not about the price of your vehicle.
    Please think and repent.

    David for truth

  8. Lil boycotter on April 30th, 2013 3:05 pm

    I considered a criminal, not because I hurt, lie, or steal!!! But simply because I refuse to insurance rates that are high a month then the cost of my vehicle. Not because I’m a bad driver either! No speeding tickets, no wrecks (yet) only been pulled once because of the other adult in my car had no seat belt!! Lesson learned on that one!! Point is I was paying 200 a month for a 92 truck, that 2400 a yr!! I only paid 2200 for the truck, did I mention that was for the min. Required PIP!! I say we get whining about being ripped off by being forced to overpay for any kind of insurance!! A good ole Boycott on all “required” insurance!!! But that my opinion!

  9. Honest Agent! on April 30th, 2013 2:07 pm


    I resent your implication that being an insurance agent is in itself

    I have been an agent for over 13 years without a blemish on my record.
    Overall, most agents are honest and always do right by their clients!

  10. Rick on April 30th, 2013 1:06 pm

    Good one, DLo!

  11. Mark on April 30th, 2013 11:41 am

    WOW! It’s bad enough that insurance itself is a “legal scam” (i.e. you are required to have insurance, but “I” as the insurance company can pick and choose who I insure, WHAT I pay out, oh, and I can drop your coverage anytime I feel like it), now we have an agent taking the scam one step further!

  12. DL Hall on April 30th, 2013 9:55 am

    “You’re In Good Hands ” – “We’re On Your Side” , I hope that Geico lizard doesn’t hear about this !

  13. David Huie Green on April 30th, 2013 8:20 am

    Are you sure companies aren’t held criminally liable?
    If they take money fraudulently, that is a crime.
    If they simply charge more or pay less than you think they should, that wouldn’t be criminal as long as their rates and payouts are spelled out in writing aforetime.
    Rights to make unwise purchases are part of personal freedom.

    David for honesty
    even in business

  14. DLo on April 30th, 2013 6:54 am

    As if being an insurance salesman wasn’t bad enough…

  15. 429SCJ on April 30th, 2013 5:56 am

    Preying on the credulous.

  16. Henry Coe on April 30th, 2013 4:14 am

    Good. Put him a way.

    Interestingly enough though, while someone ripping off an insurance company is a criminal case, an Insurance Company ripping off an insured is a Civil case.

    I’d just like to see insurance companies as well and Self Insured Work Comp Employers and their attorneys held to the same standard as this criminal.

    Much of insurance is a scam.

  17. CD on April 30th, 2013 1:04 am

    “Here’s yer sign”