Police in Orange said Tuesday that they are investigating an alleged $100,000 embezzlement from Ramona Savings & Loan Assn., the institution seized last fall by federal regulators after its owner had pulled $2 million out of it as a dividend.
Police began the inquiry Monday into a former employee's activities after current operators of the association discovered that the funds were missing, Police Investigator Robert Gustafson said.
In a 13-month period ending May 7, a series of advances, transfers, cash withdrawals, and cashier and personal checks resulted in the withdrawal of $100,00 from the institution, according to a letter sent by George Braunegg, Ramona's acting chief financial officer, to a supervisor at the Federal Home Loan Bank of San Francisco.
The Times received a copy of the letter anonymously. Neither Braunegg nor Carl Biemiller, the federal official to whom he sent the letter, were available for comment.