New York State Insurance Department Superintendent Gregory V. Serio announced the arrest of Ted F. Cook, 50, a former insurance agent formerly employed by Legend Equities Corporation on charges of fraud and grand larceny for allegedly stealing investment money from elderly clients.
A joint investigation conducted by the NYSID’s Frauds Bureau, the New York State Police and the Erie County District Attorney’s office, “revealed that between July 25, 2000 and December 7, 2000, Mr. Cook took a total of $31,729 from four elderly clients, all of whom were in their 70’s. Mr. Cook, acting as their financial advisor, was to reinvest the money but instead, deposited it into his personal account,” said the bulletin.
Cook was arrested yesterday and is being held in Erie County Jail pending bail. He faces up to 7 years in prison if convicted.
The NYSID announcement noted that Legend Equities Corporation has made full restitution to the victims.
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