Viatical & Life Settlements
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Heritage Financial Network, Inc. - update

Dated 12/26/00: Heritage and its president, Dale L. Francis, agreed to liquidate in U.S. Bankruptcy Court in Columbus, Ohio.

At least 7 lawsuits were filed against Heritage, a financial and estate planning company that sold viatical investments provided by Alpha Capital Group and sold promissory notes. In 1999 Ohio securities regulators ordered Heritage and Francis to stop marketing viaticals without first complying with state securities regulations. 

Francis said he owed 50 or 60 investors upwards of $1.5 million. Bankruptcy is not likely to affect these lawsuits since the complaints are grounded in fraud.

Dated 8/11/04: Dale Francis was indicted in U.S. District Court in Columbus on 23 counts, including mail and wire fraud, defrauding federally insured banks, and transporting stolen money across state lines.  Francis entered a not guilty plea on July 13, 2004.  From 1995 until August of 2000, Francis raised about $37 million by selling viatical settlement investments to hundreds of investors.  Francis is accused of investing only about $2.3 million in viaticals and spending the remainder on investments in restaurants, other businesses, and personal expenses.

For more information about Heritage, click HERE

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