Insurer Says It Needn't Cover Atty Linked To $7.4M Fraud

Law360 (July 8, 2020, 1:19 PM EDT) -- StarStone Specialty Insurance Co. is asking a Florida federal court to cancel an insurance policy it issued to Private Advising Group PA, saying the group knew when it sought coverage that it might face a suit over its founder's connection to a $7.4 million fraud case, but lied on its application.

In a complaint filed Tuesday, StarStone said the receiver for Onix Capital LLC, which is under investigation by the Securities and Exchange Commission, had issued a subpoena to PAG while looking into a potential claim against the company for its role in the alleged fraud on December 1, 2017, nine...

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