Wednesday, October 28, 2020

Gary Frank, ex board member of Philadelphia Orchestra, pleads guilty to fraud, money laundering

-

Gary Alan Frank, who wildly overstated the size of his Bala Cynwyd legal services business to obtain a $40 million line of credit, has pleaded guilty to 27 counts of wire fraud, bankruptcy fraud, and six counts of money laundering, the U.S. Attorney for the Eastern District of Pennsylvania said.

To obtain the loan from Prudential Insurance Co. of America for Legal Coverage Group Ltd. at the end of 2014, Frank claimed that the company had $187 million in revenue that year. In reality, the company had $120,000 in revenue that year.

The business was sold for $20,000 in December.

Spending borrowed money, Frank, 48, worked his way into the cultural life of Philadelphia, including positions on the boards of the Philadelphia Orchestra and the Philly Pops. He was charged in March 2018.

- Advertisement -

“Prosecuting economic crimes like the large-scale fraud, in this case, is a top priority for my office,” said U.S. Attorney William M. McSwain.

- Advertisement -
- Advertisement -

MUST READ

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

South Korea’s former Vice Justice Minister sentenced to jail for bribery and sexual favors

Former Vice Justice Minister Kim Hak-eui, the figure at the center of one of Korea’s biggest political sex scandals, was placed under pretrial detention...

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Former Malawi minister sentenced to six years in prison over passport corruption scandal

A court in Malawi’s capital Lilongwe on Thursday sentenced a former home minister to six years in prison after he was found guilty in...

Indonesia sentenced stockbroker to life over fraudulent investment scheme

Renowned stockbroker Benny Tjokrosaputro was sentenced to life by the Jakarta Anticorruption Court on Monday evening for his role in a major graft scandal...

Greek ex-minister Tsochadzopoulos, wife sentenced for money laundering

Former minister Akis Tsochadzopoulos, his wife and his cousin were found guilty of money laundering by a criminal appeals court on Tuesday. Each was served...

South Korea’s former Vice Justice Minister sentenced to jail for bribery and sexual favors

Former Vice Justice Minister Kim Hak-eui, the figure at the center of one of Korea’s biggest political sex scandals, was placed under pretrial detention...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks