October 18, 2000 |
Federal agents are conducting a criminal investigation of a Brea real estate investment firm that was accused earlier this month by securities regulators of raising $156 million in an alleged scheme to defraud the elderly, according to new documents filed in the case. Documents in federal court in Santa Ana indicate that agents from the Internal Revenue Service and FBI raided the Brea offices of TLC America Inc. and the Diamond Bar home of the firm's chief executive, E. Frank Cossey.
CALIFORNIA | LOCAL
March 23, 2002 |
Frank Cossey, former owner of a Brea-based real estate investment firm that promised high profits, pleaded guilty Friday to stealing $146 million from 1,850 investors and using the money to buy racehorses and live lavishly. In a plea bargain with prosecutors, Cossey will receive a five-year prison sentence. To settle civil charges brought by the Securities and Exchange Commission, Cossey has agreed to pay $10.9 million and forfeit his $1-million home.
July 16, 2002 |
Ernest Frank Cossey, former chief executive of investment firm TLC America Inc., was sentenced to nearly five years in prison for his role in a $146-million scheme that targeted the elderly. Cossey had pleaded guilty in March to income tax evasion and conspiracy to commit mail fraud. He also was ordered to return more than $60 million to his investors.
August 3, 2001 |
A man accused of defrauding elderly investors and using the proceeds to buy racehorses and renovate the stadium at his son's high school has settled civil charges by agreeing to an $11-million judgment, federal regulators said Thursday. The settlement requires E. Frank Cossey, former chief executive of TLC America Inc. of Brea, to surrender virtually all his property, including his home and at least two of his three cars. The assets, however, total only about $3 million.
October 31, 2000 |
Elderly investors caught in an alleged $159-million securities fraud got a close look Monday at the man accused of masterminding the scheme as a federal judge appointed a permanent receiver to liquidate the man's company. E. Frank Cossey, the former chief executive of TLC America Inc. in Brea, sat slightly hunched, clenching his jaw, in a federal court in Santa Ana as a standing-room-only crowd of about 60 investors, insurance agents and estate planners measured their chances for recovery.
October 24, 2001 |
A financial advisor accused of marketing fraudulent real estate investments on a Christian-themed Internet site was ordered to repay more than $1.1million, regulators said Tuesday. Thomas G. Cloud and his Cloud Associates Consulting firm in Atlanta also were fined $660,000, the latest development in a Securities and Exchange Commission probe of TLC America Inc. of Brea and its president, E. Frank Cossey.