New York Superintendent of Insurance Gregory Serio announced the arrest of Ted F. Cook, a former insurance agent formerly employed by Legend Equities Corporation. Cook is charged with scheme to defraud and grand larceny for allegedly stealing investment money from elderly clients.
The investigation revealed that between July 25, 2000 and Dec. 7, 2000, Cook reportedly took a total of $31,729 from four elderly clients, all of whom were in their 70’s. Cook, acting as their financial advisor, was to reinvest the money but instead, allegedly deposited it into his personal account.
Cook was arrested and held in Erie County Jail pending bail. He faces up to seven years in prison if convicted.
The Legend Equities Corporation has made full restitution to the victims.
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