BUSINESS
January 14, 1986 | STUART SILVERSTEIN, Times Staff Writer
Trusted by his co-workers and savvy in the ways of bank record-keeping, Fereidoon Mafi (Fred) Vassegh quietly fleeced American Pacific State Bank and its customers for more than three years. But in August, 1983, after embezzling $2.5 million, he slipped up. Vassegh, then the bank's No. 3 executive, was late in paying off a $99,000 loan that he put under someone else's name but pocketed himself, triggering an audit that uncovered his activities. Frank J. Ures Jr.
BUSINESS
February 5, 1993 | JAMES S. GRANELLI, TIMES STAFF WRITER
Pioneer Bancorp, which has long been squabbling with regulators over its commercial real estate loan portfolio, said Thursday that it has hired Thomas R. Timmons as president and chief executive of the company and its subsidiary, Pioneer Bank. Timmons replaces Richard Boyle, who moved up to the newly created position of vice chairman.
BUSINESS
March 11, 2004 | From Bloomberg News
SEC says the bank failed to produce requested documents during a probe into trading by a former executive. Bank of America Corp. was fined a record $10 million by the Securities and Exchange Commission because it allegedly lied to the regulator during a probe into trading by the bank and a former employee.
BUSINESS
March 5, 1992 | From Times Staff and Wire Reports
Marina del Rey Thrift Acquired: Century Federal Savings & Loan in Pasadena has acquired from the federal Resolution Trust Corp. $38.2 million in deposits formerly held by the failed Executive Savings Bank in Marina del Rey. Century Federal, which paid no premium for the deposits, also acquired $19.4 million in real estate loans that it may return within 45 days to the RTC, the federal agency created in 1989 to mop up the savings and loan mess.
BUSINESS
September 30, 2009 | Times Wire Reports
The Hartford Financial Services Group named Liam E. McGee, a former executive at Bank of America Corp., as its new chairman and chief executive. McGee, 55, succeeds Ramani Ayer, who announced his plans to retire as head of the life insurer in June. McGee most recently served as president of the consumer and small business bank for Bank of America.