Understanding that you know Frank, I will assume that you know exactly what is being referenced.
Filing 3 companies under 3 different names in 3 different cities brings suspicion. Reporting false revenues, business agreements & trading stock for PR's gets you looked into.
Frank Yglesias makes his living off of starting dormant shell companies with the purpose of selling stock as a way to raise capital. Problem is, nobody ever sees the "capital" he supposedly raised. Same as Robert Rico. Frank & Robert's situation is one conman trying to con the other.