LOS ANGELES — The former president of what was once Orange County's fastest-growing bank was indicted Tuesday by a federal grand jury.
John G. Willett, 39, of Fullerton was formerly president of Western National Bank in Santa Ana. The bank was declared insolvent and shut down by federal regulators in August, 1982. The indictment charges Willett with one count of misapplication of funds, one count of accepting a kickback on a loan and two counts of false entry in bank records.
The charges are based on a $50,000 loan allegedly made by Willett in June, 1981, to a defunct real estate development company called S. J. G. Properties Inc. Willett allegedly accepted a $25,000 kickback for making the loan, the indictment said.
One of Bank's Founders
Willett, who was one of the bank's founders, could not be reached for comment Tuesday.
"We haven't seen the indictment, but on the transaction, Mr. Willett denies any wrongdoing," said Los Angeles attorney Michael L. Kadish.