A former insurance agent is being accused of taking out over $5 million in life insurance policies for people he had never met. The ex-agent would issue policies ranging from $400,000 to $750,000 for individuals without their knowledge, so he could collect the commission money which amounted $38,500. The police were tipped off to the fraud when a victim complained to the Transamerica Insurance Company that he had not purchased a $750,000 life insurance policy for himself through Transamerica and that he had never met with the agent who was listed as selling the policy. The company did some investigating and found that five other applications listing the same agent all had policies that were linked to the same bank account. Three of those five said they had never met the listed agent or signed any paperwork for a life insurance policy. The ex-agent is no longer working with the insurer, and will appear in court later this month.