Insurance Agent Found Guilty of Racketeering and Money Laundering

Randall Petersen

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.


Contact: Ashley Carr
(850) 413-2842

PENSACOLA, Fla. – Florida Chief Financial Officer Jeff Atwater today announced that a jury of his peers has found Cantonment insurance agent Randall Petersen guilty of racketeering and money laundering. An investigation by the Department of Financial Services’ Division of Insurance Fraud revealed that Petersen conspired with others during 2010 and 2011 using the business name College Consultants of the Gulf Coast to defraud insurance companies out of more than $891,000. Sentencing is scheduled for May 22nd.

Petersen’s scheme enticed victims to attend employment seminars in Florida, Georgia and Mississippi using fraudulent job listings placed on Craigslist. When enough potential applicants were identified, the applicants were invited to the seminars where Petersen took their personal information and life insurance applications, which were presented as employee life insurance policies funded by payroll deductions. In reality, Petersen paid their initial premiums in order to generate commissions and bonuses in excess of $891,000.

The Department’s Division of Agent & Agency Services previously suspended Petersen’s license to transact insurance in the state of Florida and will now permanently bar him from participating in the insurance industry.

Anyone with information about suspected insurance fraud is asked to call 1-800-378-0445. Citizens who provide tips can remain anonymous. The Department of Financial Services has awarded nearly $365,000 to 63 citizens as part of its Anti-Fraud Reward Program. The program rewards individuals up to $25,000 for information that directly leads to an arrest and conviction in an insurance fraud scheme.

Chief Financial Officer Jeff Atwater, a statewide elected official, oversees the Department of Financial Services. CFO Atwater’s priorities include fighting financial fraud, abuse and waste in government, reducing government spending and regulatory burdens that chase away businesses, and providing transparency and accountability in spending. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).