December 19, 1991 |
Most of the $1.2 billion in investments controlled by Newport Beach money manager Steven D. Wymer could be unfrozen as early as Friday, officials said Wednesday. Los Angeles attorney Robert Carlson, the receiver appointed by a federal court to examine Wymer's troubled financial empire, said that after preliminary investigations, it appears that accounts of 40 or more of Wymer's 61 clients are intact. Carlson said he expects to recommend that U.S. District Judge Richard A. Gadbois Jr.
December 17, 1991 |
A criminal investigation of Newport Beach investment adviser Steven D. Wymer appeared to be developing Monday as Iowa Gov. Terry Branstad announced that Iowa's top federal prosecutors are headed to Los Angeles to share information on an alleged multimillion-dollar fraud. Iowa's two U.S.
December 27, 1991 |
City officials are spending a gloomy holiday week tracking $6.2 million that disappeared about two weeks ago after proceeds from the sale of a U.S. Treasury note handled by an allegedly fraudulent Newport Beach investment adviser never reached city accounts. The $6.2 million--one-eighth of the city's investment portfolio--is part of millions of dollars that appears to be missing in a financial scandal involving investment adviser Steven D. Wymer.
December 20, 1991 |
Attorneys for Steven D. Wymer, the Newport Beach money manager accused of federal securities fraud, said in court Thursday that he lost millions of dollars of clients' money in bad investments and was "trying to make them whole" when forced to close down his business. The statements came during a hearing before U.S. District Judge Venetta S.
February 11, 1992 |
Newport Beach investment adviser Steven D. Wymer has agreed to settle a civil suit accusing him of masterminding a $113-million securities swindle, the Securities and Exchange Commission said Monday. The move frees the SEC from prosecuting Wymer on civil fraud charges and allows the agency to focus on recovering investors' money.
December 14, 1991 |
While cities in California, Iowa and other states reel from an alleged fraud involving at least $75.4 million by an Irvine investment adviser, investment experts warn that municipalities and government agencies anxious for big returns on their money are increasingly vulnerable to being cheated in today's environment of low interest rates. Also, in many smaller towns and government bodies, the investment officers frequently don't have the background needed by a savvy institutional investor.
April 30, 1992 |
A Wyoming official denied allegations that the state authorized former money manager Steven D. Wymer of Newport Beach to set up an account linked with the Iowa Trust Fund lawsuit. "If he set up an account, it was without our knowledge or approval," Wyoming Deputy Treasurer Glenn Shaffer said. "He didn't invest any of our money. We didn't lose any money."
January 3, 1992 |
Newport Beach investment adviser Steven D. Wymer was indicted Thursday on 30 counts of securities fraud, mail fraud, money laundering, obstruction of justice and other federal charges stemming from the alleged loss of more than $100 million of his clients' money. Wymer's attorney, Paul N. Murphy, said he assumed that the 43-year-old money manager will plead innocent to all charges at his arraignment Monday.
December 15, 1991 |
Investigators have traced to a New York brokerage firm $65 million that disappeared from client accounts controlled by a Newport Beach investment adviser who has been charged with securities fraud, officials said Saturday. But investors in 13 states and Micronesia may not get their money back soon because Steven D.
December 14, 1991 |
More than $75 million may be missing from two companies controlled by Irvine financial adviser Steven D. Wymer, whose clients included some California cities and banks, thrifts and government agencies from 12 other states, officials said Friday. Securities and Exchange Commission officials said that up to $200 million of the $1.2 billion Wymer managed was under his direct control and could be in jeopardy. A federal judge froze the assets of Institutional Treasury Management and Denman & Co.