Articles Tagged with Legal Coverage Group fraud attorney

shutterstock_185913422-300x200The law offices of Gana Weinstein LLP are currently investigating claims that advisor Stephen DeCesare (DeCesare) sold investments in Legal Coverage Group, Ltd. (Legal Coverage) offered by Gary Frank (Frank) that was not approved by his brokerage firm.  DeCesare, formerly registered with Triad Advisors LLC (Triad Advisors) out of Marlton, New Jersey no longer works for the firm according to records kept by The Financial Industry Regulatory Authority (FINRA).  In addition, DeCesare disclosed at least two customer complaints.

In March 2019 DeCesare was alleged to have solicited a client to make a $250,000 investment in Legal Coverage.

In March 2019 the Department of Justice (DOJ) indicted Frank with wire fraud, bankruptcy fraud, and money laundering stemming from a massive fraudulent loan scheme.  According to the indictment Frank executed a complex and sophisticated scheme to defraud numerous victims.  Frank purported to own and operate a Bala Cynwyd business named Legal Coverage which contracted with employers desiring to offer a legal plan to their employees as part of their employee benefits plans. However, Frank is alleged to have tricked his victims into believing that Legal Coverage was a rapidly growing leader in the legal plan industry, generating hundreds of millions of dollars of annual revenue and employing hundreds of individuals.  In reality, Legal Coverage experienced virtually no growth from approximately 2006 through 2017 and generated only several thousand dollars of annual revenue. Frank allegedly obtained over $30 million in loans which he used to live an extravagant lifestyle.

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