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American Diversified Bank

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BUSINESS
December 11, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
Federal regulators have settled all civil lawsuits, including claims of racketeering and fraud, against the former owners and operators of American Diversified Savings Bank and Consolidated Savings Bank, authorities said Monday. The FBI, however, is continuing separate criminal investigations of the two defunct Orange County thrifts, which failed in 1986.
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BUSINESS
December 11, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
Federal regulators have settled all civil lawsuits, including claims of racketeering and fraud, against the former owners and operators of American Diversified Savings Bank and Consolidated Savings Bank, authorities said Monday. The FBI, however, is continuing separate criminal investigations of the two defunct Orange County thrifts, which failed in 1986.
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BUSINESS
December 15, 1993 | DEAN TAKAHASHI, TIMES STAFF WRITER
Robert A. Ferrante, a once-flamboyant developer who was acquitted last year of criminal charges in one of the FBI's top-priority bank fraud cases, filed for bankruptcy Monday. Ferrante of Newport Beach listed debts of $24.2 million and assets of only $777,300 in his Chapter 7 filing in U.S. Bankruptcy Court in Santa Ana. A Chapter 7 filing seeks a court-monitored liquidation of assets to pay creditors.
BUSINESS
June 15, 1988 | James S. Granelli, Times staff writer
Federal regulators have paid out two-thirds of the record $1.35 billion due depositors at two insolvent Costa Mesa savings and loans that were closed nine days ago. Working around the clock, regulators have issued 10,052 checks totaling $901.9 million in the first week of refunds to former depositors at American Diversified Savings Bank and North America Savings & Loan.
BUSINESS
February 21, 1986
Less than a week after seizing American Diversified Savings Bank of Costa Mesa, federal regulators filed a $76.6-million lawsuit against Ranbir Sahni, American Diversified's controversial majority owner and former chairman, and Lester Day, the S&L's former president, alleging the two committed various acts of fraud and racketeering while officers of the failed S&L. The Federal Savings and Loan Insurance Corp.
BUSINESS
June 30, 1992 | From Times Staff and Wire Reports
Court Reinstates Suit Against O'Melveny & Myers: The U.S. 9th Circuit Court of Appeals reinstated a malpractice lawsuit against California's fifth-largest law firm for its work on two real estate syndications for now-defunct American Diversified Savings Bank in Costa Mesa. The appellate court reversed a lower court's dismissal of a suit brought by the Federal Deposit Insurance Corp.
BUSINESS
April 17, 1987 | KEN CHAVEZ, Times Staff Writer
A sister company of Costa Mesa-based American Diversified Savings Bank has sought protection from creditors under Chapter 11 of the federal Bankruptcy Code, according to court documents. In filing for protection earlier this month in U.S. Bankruptcy Court in Santa Ana, American Diversified Equity Corp., a securities firm owned by the bank's former chairman, Ranbir S. Sahni, is claiming $147,413 in total liabilities and assets worth an estimated $700,000 in contingency funds.
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