The arrest came about after a viatical company alerted the insurer that its policyholder was trying to resell the policy, investigators said.
Viatical companies buy insurance policies from terminally ill patients at a discounted rate.
Generally, they buy policies at 50 percent to 80 percent of the face value. The charge against Cote stemmed specifically from his initial application to the Standard Life Insurance Policy. Cote was arrested at approximately 1 p.m., and was taken to the Palm Beach County Jail.