Florida Insurance Agent Pleads Guilty in Premium Finance Fraud Scheme
A licensed insurance producer in Florida has entered a guilty plea following an investigation into a sophisticated premium finance scheme that funneled hundreds of thousands of dollars into personal accounts. According to court documentation and reports from the Florida Department of Financial Services (DFS), the case highlights vulnerabilities within commercial insurance financing and oversight mechanisms.
Daniel Raney, a 41-year-old resident of Pensacola who managed local agencies including Raney Insurance and Raney Ventures, was taken into custody by authorities in August. The legal proceedings advanced after a prominent premium finance provider raised internal alarms regarding unfulfilled installment payments and fictitious corporate entities.
The fraudulent activities came to light when the associate general counsel for AFCO Direct submitted an official complaint to state regulators in June 2024. Investigators noted that payments associated with the commercial installment loans had abruptly ceased. Subsequent inquiries by the DFS revealed that the financing had been secured using purported insurance policies issued by Lloyd’s of London intended for two commercial enterprises that investigators later confirmed did not exist.
In addition to the fictitious corporate loans, court filings within the Escambia County Circuit Court outline further financial discrepancies involving legitimate commercial clients. Investigators discovered that Raney allegedly misappropriated $38,588 intended for a standard insurance audit on a general liability policy belonging to a real local business.
Regulatory records maintained by the DFS indicate that Raney held valid property-casualty and surplus lines producer licenses dating back to 2007. In the wake of the criminal charges and subsequent guilty plea, state authorities suspended those authorizations. While the producer had previously maintained appointments with several prominent national property insurers, officials confirmed he was not actively appointed with any carriers at the time of his arrest.
Although a formal sentencing date has not yet been finalized, court documents show that the terms of the negotiated plea agreement resulted in the dismissal of three separate charges, significantly lowering the maximum potential prison term to under seven years.
The case underscores ongoing efforts by financial institutions and state regulatory bodies to detect and prosecute fraudulent activities within the commercial insurance sector, particularly involving premium finance agreements that leverage third-party capital.
Source: Insurance Journal
