Fsg Financial Services

FSG Financial Shuts Down Amid Fraud Charges: U.S. District Judge James M. Ideman appointed a temporary receiver for FSG Financial Services and froze the assets of the Beverly Hills firm. Ideman also issued a temporary restraining order prohibiting FSG, its president, Joan S. Kantor, and the company's agents from violating securities laws.

Some FSG Financial Charges Settled: Two operators of defunct FSG Financial Services Inc. in Beverly Hills settled Securities and Exchange Commission civil charges that they sold $29 million in worthless municipal bonds through FSG and related companies to nearly 500 California investors. Without admitting or denying liability, John A. Genetti and Westley Scher agreed not to violate securities laws in the future.

Genetti Sentenced to Prison: John Anthony Genetti, a former Santa Barbara-based businessman who pleaded guilty last November for his role in masterminding a bogus municipal bond scam, was sentenced to more than 11 years in prison and ordered to pay a $25-million fine by a federal judge in Los Angeles. Genetti, 45, was also ordered to make about $28 million in restitution to several hundred Southland investors whom prosecutors claim he defrauded out of an estimated $39 million.

A Santa Barbara man pleaded guilty Friday of masterminding a bogus municipal bond scam that bilked hundreds of California investors out of $39 million. John Anthony Genetti, 45, admitted on the fourth day of his trial in a Los Angeles federal court that he and three associates used the now-defunct FSG Financial Services Inc. of Beverly Hills and two other front companies to market the worthless bonds.

A Santa Barbara man pleaded guilty Friday of masterminding a bogus municipal bond scam that bilked hundreds of California investors out of $39 million. John Anthony Genetti, 45, admitted on the fourth day of his trial in a Los Angeles federal court that he and three associates used the now-defunct FSG Financial Services Inc. of Beverly Hills and two other front companies to market the worthless bonds.

Arrests in FSG Municipal Bond Scam: John Anthony Genetti, 44, was arrested on a 45-count federal indictment for allegedly masterminding a municipal bond scam that bilked $34 million from California investors via now-defunct FSG Financial Securities of Beverly Hills. Genetti's lawyers said he will plead innocent. Also arrested was Louis Vargas, 31, the U.S. Attorney's office in Los Angeles said.

When Magic Johnson talks about blacks in business (May 16), he makes many good points, offers many factual statements and proves he is quite capable of being a part of the solution to racial problems reflected in the riots. But Johnson, like too many others, makes the mistake of placing black people always in Position One: with nothing. That is wrong, very wrong! Black people have always owned businesses.

The ongoing tumult within the U.S. economy and financial markets is forcing a radical shift in how individual investors perceive the "R" word--risk--in the '90s. Over the last year, the traditional lines between "risky" and "safe" investments have become blurred. Some securities that many investors had for years viewed as far too risky, such as small stocks and Latin American stocks, have taken on a new aura of respectability, if not stability.

When Ferrari salesman Andre Javardian looks out the huge windows of his showroom, he sees could-be customers aplenty cruising down Pacific Coast Highway. But they don't stop and shop like they used to. "There's people out there who have enough money to last them a couple of lifetimes," Javardian said. "Why aren't they buying cars?" "It's attitude," he concludes. "It's, 'I better not spend my money right now because nobody else is.'

Arrests in FSG Municipal Bond Scam: John Anthony Genetti, 44, was arrested on a 45-count federal indictment for allegedly masterminding a municipal bond scam that bilked $34 million from California investors via now-defunct FSG Financial Securities of Beverly Hills. Genetti's lawyers said he will plead innocent. Also arrested was Louis Vargas, 31, the U.S. Attorney's office in Los Angeles said.

When Magic Johnson talks about blacks in business (May 16), he makes many good points, offers many factual statements and proves he is quite capable of being a part of the solution to racial problems reflected in the riots. But Johnson, like too many others, makes the mistake of placing black people always in Position One: with nothing. That is wrong, very wrong! Black people have always owned businesses.

FSG Financial Shuts Down Amid Fraud Charges: U.S. District Judge James M. Ideman appointed a temporary receiver for FSG Financial Services and froze the assets of the Beverly Hills firm. Ideman also issued a temporary restraining order prohibiting FSG, its president, Joan S. Kantor, and the company's agents from violating securities laws.