Advertisement
YOU ARE HERE: LAT HomeCollections

INDUSTRY NOTES

August 26, 1986

State officials filed suit Monday to force John Molinaro, chairman of Ramona Savings & Loan Assn. to refund a $2-million dividend he allegedly received from the Orange S&L in violation of state and federal prohibitions against payment of such dividends.

The lawsuit was filed in Orange County Superior Court by officials of the state Department of Savings and Loan.

The suit says the state S&L commissioner issued a cease-and-desist order against Ramona and Molinaro on Aug. 15, ordering refund of the dividend and demanding that the S&L cease certain loan practices. No hearing was set in the suit.

Advertisement
Los Angeles Times Articles
|
|
|