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April 12, 1995| Times Staff and Wire Reports

Naiman Settles With SEC: Gary Naiman, former owner of now-defunct Pioneer Mortgage Co. of San Diego, settled federal charges that he defrauded 2,500 elderly investors through the sale of unregistered trust deeds. Without admitting or denying wrongdoing, he agreed not to break securities laws in the future. A judgment for Naiman to return $164 million in illegal profits plus interest was waived, however, because of his financial condition, the SEC said. Naiman was sentenced last month to 6 1/2 years in prison on related criminal charges.

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