December 25, 1987 |
Eight check-cashing offices in South Central Los Angeles closed last week by the state were reopened Thursday with the promise that $2.7 million in outstanding money orders would be honored. The new owners, Continental Currency Services, bought the insolvent business from state banking authorities and agreed to honor an estimated 30,000 outstanding money orders issued by the previous operators.
March 22, 1992 |
In the world of billion-dollar financial collapses, the state seizure of an obscure Southern California money order company last December attracted scant public attention because it involved a mere $3.2-million shortage. But the demise of General Money Order Co. has left in debt an estimated 100,000 people, most of them poor Latino immigrants or African-Americans who had unwittingly used the worthless paper to pay everything from rent to immigration fees.