Fundamerica Inc

Ever since losing $200 in a film-processing scam as newlyweds, Paul and his wife promised each other they would always sleep on a major decision to spend money. For 13 years, they kept that promise. But then a representative of Irvine-based FundAmerica Inc. made them an offer they couldn't refuse. On a neighbor's assurance that it was a sure-fire investment, the couple forked over $3,200 to FundAmerica for 40 memberships in April.

Some say FundAmerica founder Robert T. Edwards built pyramids better than the Egyptians. Constructed on at least three continents, his monuments weren't made out of sandstone. They were made of money. From Australia to England to California, investigators say, the 49-year-old Canadian presented himself as an earnest businessman when he really is a globe-trotting con man.

Florida authorities filed criminal fraud charges Thursday against Robert T. Edwards, former president of Irvine-based FundAmerica Inc., and the company, alleging that they ran a pyramid scam in that state. The charges of organized fraud, securities fraud and running an illegal lottery were made in an information, the equivalent of an indictment in most jurisdictions, filed in Florida's 9th Circuit Court in Orlando by Statewide Prosecutor Peter Antonacci.

Texas authorities said Wednesday that officials of FundAmerica Inc. told them in a closed-door meeting that they intended to do everything they can to retrieve $11.3 million of company money wired to two overseas entities by company founder Robert T. Edwards. Edwards was arrested July 19 in Florida on charges he was running FundAmerica as a pyramid scheme. During the nine months before his arrest, he wired millions of dollars to two mysterious entities in the Netherlands and Hong Kong.

Rough times don't ruffle Howard Ruff. Fired as president of beleaguered FundAmerica Inc. of Irvine on Monday, Ruff said Tuesday that he is seriously thinking about starting a similar company. "I'm getting a lot of pressure to start a FundAmerica equivalent," he said in an interview. He said there was a "50-50" chance he would actually found a new multilevel marketing company.

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.

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.

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.