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The former CEO of a legal plan provider is set to plead guilty to federal charges claiming he lied to clients—mostly banks and financial institutions—about the size and revenue of his business, his lawyer said.

A 27-count indictment against Bala Cynwyd businessman, lawyer, and former head of Legal Coverage Group, Gary Frank, was unsealed Friday. Frank is set to be arraigned in federal court on April 18.

“For over a decade, defendant Frank executed a complex and sophisticated scheme to defraud numerous victims,” the indictment read. “Essentially, he tricked these victims into believing that Legal Coverage Group's modest business, generating hundreds of thousands of dollars in revenue and employing approximately ten staff members, was a rapidly growing leader in the legal plan industry, generating hundreds of millions of dollars in annual revenue and employing hundreds of individuals.”

The indictment continued, “Through this fraud, defendant Frank obtained over $30 million in loans, which he used to live an extravagant lifestyle.”

Lebanon-based Legal Coverage Group has since gone bankrupt. Frank's attorney, Robert Welsh of Welsh & Recker, said his client has accepted responsibility for his actions.

“Mr Frank has been cooperating for the last year with the Department of Justice and the trustee in the related bankruptcy proceeding in order to maximize recovery of assets and to pay restitution to the victims of his fraud,” Welsh said in an email. “He will be offering a plea of guilty to the charges and expresses his profound remorse to all those he injured by his actions.”

Prosecutors alleged that Frank embarked on an extensive deception campaign to keep his fraud going.

“For example,” the indictment said, “defendant Frank decieved the Legal Coverage Group's few staff members in its Bala Cynwyd office into believing that they were simply one office in a much larger organization. Defendant Frank also falsely told these employees that he was withholding employment taxes from their paychecks and paying over these withheld funds to the Internal Revenue Service (IRS).”

Prosecutors claimed Frank also deceived many of the company's advisors, which consisted of prominent attorneys and accountants, as well as the company's vendors and his own fiancée, who handled marketing.

“For over ten years, defendant Frank wove an intricate web of lies to convince the world that he was running a hugely successful, rapidly growing business” the indictment said. “In reality, the Legal Coverage Group experienced virtually no growth from 2006 to 2017, generating only several thousand dollars of annual revenue.”