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Route To Conviction

October 05, 1989|DALLAS M. JACKSON

April 1984: John L. Molinaro and Donald P. Mangano Sr. purchase Ramona Savings & Loan for $4 million.

May 1986: Ramona's shaky financial condition and irregular loan activity result in an inspection by regulators.

Sept. 1986: Regulators seize Ramona and sue Molinaro, Mangano and others in civil court.

July 1987: Molinaro is arrested in San Francisco for passport fraud. He is later convicted.

Nov. 1987: A U.S. District judge rules that Molinaro obtained $6.4 million through loans and kickbacks and orders him to repay the money.

Feb. 1988: A federal judge in the civil suit rules that Molinaro had concealed about $4 million in assets.

Feb. 1988: Regulators sell Ramona's assets to Midwest Federal Savings in Minneapolis.

May 1988: Criminal fraud and conspiracy charges are filed against Molinaro and Mangano.

July 1989: Trial begins against Molinaro and Mangano on more than 30 criminal charges, including fraud and conspiracy.

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