main menu page title feature menus content footer
My Florida C F O

CFO's Initiatives

Stay Connected

Follow the
Department of
Financial Services

Sign up for the CFO's
weekly newsletter!

Press Release

News   RSS RSS   Press Office   Archive

Former Pensacola Insurance Agent Charged with Theft

10/29/2003

CONTACT: Nina Banister
(850) 413-2842

PENSACOLA – A former insurance agent is facing several felony charges for allegedly stealing more than $36,000 from a fund he was managing for Modern Woodmen of America.

Michael D. Peck, 56, of 687 Berkley Drive, was arrested Friday on charges of scheming to defraud, grand theft, and theft of fiduciary funds following an investigation by the Department of Financial Services, Division of Agents and Agencies Services and the Division of Insurance Fraud. He was booked into the Escambia County Jail, and bond was set at $20,000.

The department revoked Peck's agents license last year after he was convicted on unrelated charges.

Investigators said the new charges stem from allegations that between January 1999 and February 2002 Peck misappropriated nearly $23,000 in premiums paid by Modern Woodmen members. Peck also allegedly embezzled nearly $15,000 from an account established by Modern Woodmen to collect donations to pay for membership activities. An audit conducted by Modern Woodmen revealed the missing money.

The Department of Financial Services investigates various forms of fraud in insurance, including health, life, auto, property and workers' compensation insurance. Anyone with information about this case or another possible fraud scheme should call the department's Fraud Hotline at 1-800-378-0445. A reward of up to $25,000 may be offered for information leading to a conviction.