Former Fla. Agent Charged with Theft

October 30, 2003

A former Florida 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, was arrested last 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 reportedly revealed the missing money.

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