Advertisement
YOU ARE HERE: LAT HomeCollectionsFundamerica
IN THE NEWS

Fundamerica

FEATURED ARTICLES
BUSINESS
April 30, 1991
FundAmerica's court-appointed trustee has named a Fountain Valley accountant and financial adviser as chief executive officer of the controversial Irvine marketing firm, replacing Mitch Blumberg. Theodor Albert, selected last week to run FundAmerica after a power struggle erupted, appointed Chris Reehl on Monday. Reehl is president of Newport Industries Inc., a financial services firm.
ARTICLES BY DATE
BUSINESS
February 6, 1994 | JAMES M. GOMEZ, TIMES STAFF WRITER
Two weeks after defunct FundAmerica Inc. settled a criminal probe by Florida authorities, it was revealed that a Los Angeles federal grand jury is probing a possible case against the firm's founder, according to court documents. Court papers filed in U.S. Bankruptcy Court in Santa Ana, where the company was ordered liquidated almost three years ago, reveal that a grand jury is mulling possible criminal charges against Robert T. Edwards, who owns residences in Newport Beach and Vancouver, Canada.
Advertisement
BUSINESS
July 26, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
FundAmerica, the controversial Irvine network marketing firm, and several of its officials--including director and noted economist Arthur Laffer--are the targets of a $150-million lawsuit alleging fraud and racketeering. Filed Tuesday in federal court in San Francisco by FundAmerica member Douglas R.
BUSINESS
January 26, 1994 | MICHAEL FLAGG, TIMES STAFF WRITER
A company accused of defrauding investors has pleaded no contest to a single felony charge in a deal with Florida prosecutors. The company, Irvine's defunct FundAmerica Inc., must pay a $200,000 fine but avoids a criminal trial. Florida's attorney general contended that FundAmerica was a pyramid scheme--a company that spent more time signing up new members for a fee than actually selling products.
BUSINESS
May 24, 1991
FundAmerica, the controversial Irvine consumer marketing company, is scheduled to be liquidated today. A federal bankruptcy judge is holding a public auction this morning to sell most of the firm's remaining assets, including its trademarks, copyrights, membership lists and the right to use the FundAmerica name. The bankruptcy trustee operating the company said Thursday that the only sure bidder was a new California company, FundGold Inc.
BUSINESS
August 15, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
FundAmerica filed papers Tuesday in U.S. District Court in San Francisco giving a required 24-hour notice that it intends to seek protection from creditors in a Chapter 11 bankruptcy reorganization. Also Tuesday, attorneys in a $150-million, class-action lawsuit against the beleaguered Irvine marketing company asked a judge in San Francisco to instead put FundAmerica into receivership. U.S.
BUSINESS
May 15, 1991 | GREGORY CROUCH
FundAmerica, the controversial Irvine consumer marketing company, will be liquidated and most of its remaining assets sold at a public auction later this month, it was decided in bankruptcy court Tuesday in Santa Ana. The company's Chapter 11 bankruptcy trustee said he has already received a $1-million offer from a Canadian company controlled by the attorney for FundAmerica founder Robert T. Edwards.
BUSINESS
August 4, 1990 | GREGORY CROUCH and ANNE MICHAUD, TIMES STAFF WRITERS
The new head of beleaguered FundAmerica Inc. said Friday that a review of the firm's books revealed that company founder Robert T. Edwards was paid $5.4 million thus far this year and that he mysteriously wired $11.3 million to two foreign entities. Howard Ruff, named FundAmerica's chairman and chief executive this week, said Edwards' pay "blew me away." "That's several times more than the CEOs in most Fortune 500 companies" earn, Ruff said.
BUSINESS
August 7, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
FundAmerica Inc. has fired Howard Ruff as president and chief executive just a week after he joined the troubled firm, and a company source said Monday that it may seek protection from its creditors with a Chapter 11 bankruptcy filing as early as today. Ruff, the nationally known investment guru who last week heralded his appointment as the "rebirth and resurrection" of the company, said he was fired late Sunday at the behest of shareholders who are friends of FundAmerica founder Robert T.
BUSINESS
August 30, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
The Florida judge presiding over a criminal case against FundAmerica founder Robert T. Edwards ordered the Newport Beach resident to surrender his passport Wednesday but denied the prosecution's request to increase his $1-million bail. Edwards is facing charges of organized fraud, securities fraud and running an illegal lottery or pyramid scheme in Florida. Authorities claim that FundAmerica bilked consumers out of $8.2 million. If convicted, Edwards could receive 65 years in jail.
BUSINESS
August 25, 1991 | GREGORY CROUCH and ANNE MICHAUD, TIMES STAFF WRITERS
One financial planner took the stage and was about to tell the 45 or so people in the hotel audience how he once made a fortune selling FundAmerica memberships. Then he caught himself, realizing that this was supposed to be the new and improved FundAmerica. "We can't talk numbers any more, can we?" he asked another salesman. So he fudged things a tad: "Let's say that my income in a couple of years was more than most people make in their whole lives," he said. They're baaaaack.
BUSINESS
August 25, 1991 | GREGORY CROUCH, ANNE MICHAUD and TIMES STAFF WRITERS
One financial planner took the stage and was about to tell the 45 or so people in the hotel audience how he once made a fortune selling FundAmerica memberships. Then he caught himself, realizing that this was supposed to be the new and improved FundAmerica. "We can't talk numbers any more, can we?" he asked another salesman. So he fudged things a tad: "Let's say that my income in a couple of years was more than most people make in their whole lives," he said. They're baaaaack.
BUSINESS
May 25, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
Most of FundAmerica's remaining assets were sold at auction for $1 million Friday to a lawyer representing company founder Robert T. Edwards despite a last-minute effort by a major creditor to block the sale. For $500,000 in cash and a $500,000 promissory note, Vancouver attorney George C. Davis acquired the Irvine network marketing company's copyrights, trademarks, patents, computer programs and membership lists--and rights to the FundAmerica name.
BUSINESS
May 24, 1991
FundAmerica, the controversial Irvine consumer marketing company, is scheduled to be liquidated today. A federal bankruptcy judge is holding a public auction this morning to sell most of the firm's remaining assets, including its trademarks, copyrights, membership lists and the right to use the FundAmerica name. The bankruptcy trustee operating the company said Thursday that the only sure bidder was a new California company, FundGold Inc.
BUSINESS
May 15, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
FundAmerica, the controversial Irvine consumer marketing company, will be liquidated and most of its remaining assets sold at a public auction later this month, it was decided in bankruptcy court here Tuesday. The company's Chapter 11 bankruptcy trustee said he has already received a $1-million offer from a Canadian company controlled by the attorney for FundAmerica founder Robert T. Edwards.
BUSINESS
May 15, 1991 | GREGORY CROUCH
FundAmerica, the controversial Irvine consumer marketing company, will be liquidated and most of its remaining assets sold at a public auction later this month, it was decided in bankruptcy court Tuesday in Santa Ana. The company's Chapter 11 bankruptcy trustee said he has already received a $1-million offer from a Canadian company controlled by the attorney for FundAmerica founder Robert T. Edwards.
BUSINESS
May 8, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
A federal bankruptcy judge Tuesday decided to give FundAmerica's court-appointed trustee another week to demonstrate why the controversial marketing company should not be liquidated. During a hearing in federal court here, Judge James N. Barr asked trustee Theodor Albert to justify his plan to operate the Irvine company for another 30 days at a cost of $250,000. "I'd like to know why it is you think it's a good idea to go on another month," Barr demanded.
BUSINESS
April 30, 1991
FundAmerica's court-appointed trustee has named a Fountain Valley accountant and financial adviser as chief executive officer of the controversial Irvine marketing firm, replacing Mitch Blumberg. Theodor Albert, selected last week to run FundAmerica after a power struggle erupted, appointed Chris Reehl on Monday. Reehl is president of Newport Industries Inc., a financial services firm.
Los Angeles Times Articles
|