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Cross Financial Services Inc

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BUSINESS
May 19, 2001 | E. Scott Reckard
Two owners of Cross Financial Services Inc., a defunct Irvine investment firm, were found guilty of defrauding 700 investors of $22 million by promising large returns on short-term business loans. A federal jury in Los Angeles convicted Douglas S. Cross, 49, formerly of Laguna Niguel, and Owen R. Fox, 56, of Marina del Rey of conspiracy, securities fraud and international money laundering.
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BUSINESS
May 19, 2001 | E. SCOTT RECKARD, TIMES STAFF WRITER
Two owners of Cross Financial Services Inc., a defunct Irvine investment firm, were found guilty Friday of defrauding 700 investors out of $22 million by promising large returns on short-term business loans. A federal jury in Los Angeles convicted Douglas S. Cross, 49, formerly of Laguna Niguel, and Owen R. Fox, 56, of Marina del Rey of conspiracy, securities fraud and international money laundering.
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BUSINESS
May 19, 2001 | E. SCOTT RECKARD, TIMES STAFF WRITER
Two owners of Cross Financial Services Inc., a defunct Irvine investment firm, were found guilty Friday of defrauding 700 investors out of $22 million by promising large returns on short-term business loans. A federal jury in Los Angeles convicted Douglas S. Cross, 49, formerly of Laguna Niguel, and Owen R. Fox, 56, of Marina del Rey of conspiracy, securities fraud and international money laundering.
BUSINESS
May 19, 2001 | E. Scott Reckard
Two owners of Cross Financial Services Inc., a defunct Irvine investment firm, were found guilty of defrauding 700 investors of $22 million by promising large returns on short-term business loans. A federal jury in Los Angeles convicted Douglas S. Cross, 49, formerly of Laguna Niguel, and Owen R. Fox, 56, of Marina del Rey of conspiracy, securities fraud and international money laundering.
BUSINESS
September 4, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
The leaders of a defunct, Irvine-based investment firm have been charged with defrauding about 700 people of nearly $22 million and spending much of the money on themselves, the U.S. attorney's office said Friday. Four former executives at Cross Financial Services Inc. were arrested Thursday and charged with 46 counts of securities fraud, mail fraud, wire fraud and money laundering, according to Anthony Pacheco, assistant U.S. attorney in Los Angeles.
BUSINESS
September 4, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
The leaders of a defunct Irvine-based investment firm have been charged with defrauding about 700 victims of nearly $22 million and spending much of the money on themselves, the U.S. attorney's office announced Friday. Four former executives at Cross Financial Services Inc. were arrested Thursday and charged with 46 counts of securities fraud, mail fraud, wire fraud and money laundering, according to Anthony Pacheco, assistant U.S. attorney in Los Angeles.
CALIFORNIA | LOCAL
December 18, 2001 | DAVID ROSENZWEIG, TIMES STAFF WRITER
Two former owners of an Irvine-based investment firm were sentenced Monday to 10 years in federal prison for defrauding 700 victims of $21 million and spending much of the money on fat salaries and luxury perks. Douglas S. Cross, 49, formerly of Laguna Niguel, and Owen R. Fox, 57, of Marina del Rey also were also ordered to make restitution payments to their victims.
BUSINESS
September 29, 1995 | JAMES S. GRANELLI, TIMES STAFF WRITER
A federal judge has issued civil judgments totaling $27.8 million against a Laguna Niguel man and four business associates in what the judge described as a Ponzi scheme that bilked more than $21 million from investors nationwide. Stating that if an investment "sounds too good to be true, it probably is," U.S. District Judge Richard A. Paez found that Douglas S. Cross and the others misappropriated the money raised from 700 investors for investments that never existed. The judge ordered Cross, 43, to pay the government $8.6 million, including interest, from funds he misappropriated while operating Cross Financial Services Inc. in Laguna Niguel and Las Vegas from March to December, 1993.
BUSINESS
September 4, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
The leaders of a defunct Irvine-based investment firm have been charged with defrauding about 700 victims of nearly $22 million and spending much of the money on themselves, the U.S. attorney's office announced Friday. Four former executives at Cross Financial Services Inc. were arrested Thursday and charged with 46 counts of securities fraud, mail fraud, wire fraud and money laundering, according to Anthony Pacheco, assistant U.S. attorney in Los Angeles.
BUSINESS
September 4, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
The leaders of a defunct, Irvine-based investment firm have been charged with defrauding about 700 people of nearly $22 million and spending much of the money on themselves, the U.S. attorney's office said Friday. Four former executives at Cross Financial Services Inc. were arrested Thursday and charged with 46 counts of securities fraud, mail fraud, wire fraud and money laundering, according to Anthony Pacheco, assistant U.S. attorney in Los Angeles.
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