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Investment Fraud Orange County

BUSINESS
November 27, 1997 | JAMES S. GRANELLI, TIMES STAFF WRITER
Former Huntington Beach developer Harold E. Tobin consented to a $3.75-million judgment in a securities fraud lawsuit, federal regulators said Wednesday. But he won't be paying any money back. The repayment was waived based on sworn statements that Tobin, 57, now of Rancho Mirage, is broke, according to the Securities and Exchange Commission, which brought the lawsuit. The judgment, however, orders him not to violate securities registration and anti-fraud provisions of securities laws.
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BUSINESS
September 16, 1997 | John O'Dell
Fluor Corp. and its top officials have been accused in a lawsuit of lying about the company's fortunes to mislead investors and protect corporate profit sharing and stock option plans. The suit, filed in federal court in Santa Ana late last week by a San Diego lawyer specializing in securities suits, seeks class-action status to represent all Fluor shareholders. The Irvine-based construction and engineering services company on Monday denied the allegations.
CALIFORNIA | LOCAL
July 30, 1997
A former Long Beach stockbroker was sentenced to 27 months in prison Monday for defrauding five elderly investors who contributed a total of $200,000 toward a bogus real estate venture. Investigators said Richard R. Whatley solicited investments for a false real estate partnership named Enterprises Inc. while working at the Long Beach office of Prudential Securities between 1991 and 1992. Prudential was not associated with the illegal conduct, they said.
BUSINESS
July 16, 1997 | JAMES S. GRANELLI, TIMES STAFF WRITER
Former Orange County developer Harold E. Tobin was accused in a federal lawsuit Tuesday of selling unregistered securities and defrauding investors of nearly $5 million in a botched effort to build homes in Las Vegas. The Securities and Exchange Commission charges in its civil action, filed in federal court in Los Angeles, that Tobin and his Huntington Beach company defrauded 90 mostly elderly investors in the real estate development he called Rancho Mirage.
BUSINESS
July 3, 1997 | E. SCOTT RECKARD, TIMES STAFF WRITER
An Orange County telemarketing outfit accused of selling stamps to elderly investors at up to hundredfold markups was seized as part of a 20-state investigation into diverse new investment scams, authorities said Wednesday. Equifin International Inc. in Newport Beach, which also operated as Financial Frontiers Inc., has been turned over to a receiver and its assets frozen on order of a federal judge, said Ann Jones, director of the Federal Trade Commission's Los Angeles office.
BUSINESS
February 13, 1997 | JAMES S. GRANELLI, TIMES STAFF WRITER
A Laguna Niguel man, convicted nearly three years ago of defrauding investors of $1.8 million, has admitted in an unrelated case that he collected nearly $300,000 from the government by filing false claims for tax refunds. Randall Craig Hutchens, 43, used the names and Social Security numbers of nine adults to fabricate W-2 forms and file fraudulent refund claims for the 1995 tax year, according to Assistant U.S. Atty. Gregory Weingart.
BUSINESS
February 4, 1997 | JAMES S. GRANELLI, TIMES STAFF WRITER
Investors in real estate developer Harold E. Tobin's housing projects alleged Monday that former bankers and contractors conspired with him to bilk them of more than $35 million. The investors, many of whom lost their life savings, detailed their charges in an expanded lawsuit that accuses Tobin, his wife, his son, his bankers and others of racketeering and conspiracy, as well as fraud and negligence.
BUSINESS
October 24, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
Metro Display Advertising Inc. is a survivor if nothing else. The bus shelter company faced almost certain oblivion nearly five years ago when a Ponzi scheme forced it to seek bankruptcy protection and threatened to wipe out more than $45 million from investors. Today, the company's modest quarters in Irvine are a far cry from the lavish surroundings it occupied during its high-flying heyday as a major provider of bus shelters in Southern California and Las Vegas.
BUSINESS
August 8, 1996 | MARLA DICKERSON, TIMES STAFF WRITER
After years of legal wrangling and failed attempts to reach a settlement, the financially troubled Teachers Management & Investment Corp. on Wednesday agreed to pay investors $4.3 million to settle accusations that the company mishandled their retirement funds and caused losses of more than $200 million. The settlement stems from a 1994 class-action lawsuit filed against the Newport Beach real estate investment firm on behalf of 20,000 California teachers, some of whom lost their life savings.
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