Advertisement
 
YOU ARE HERE: LAT HomeCollectionsInvestment Fraud Orange County
IN THE NEWS

Investment Fraud Orange County

BUSINESS
July 2, 1998 | PATRICE APODACA, TIMES STAFF WRITER
Investors in an alleged $9-million oil-and-gas leasing investment scam that targeted elderly people filed a fraud suit Wednesday in Orange County Superior Court in Santa Ana. The complaint against Denver-based First Trust Corp. and Sandstone Income Fund V and Liberty Energy Management Inc., both of Laguna Niguel, and five men who allegedly orchestrated the investment fraud was brought by two Orange County residents and the estate of a deceased investor.
Advertisement
BUSINESS
July 1, 1998 | JOHN O'DELL, TIMES STAFF WRITER
An Orange County couple who lost $207,646 in an alleged oil lease scam several years ago have won a $2.6-million court judgment against the defunct Huntington Beach investment companies that ran the telemarketing operation. Ronald and Joan Grosse of Garden Grove won the judgment against Beacon Energy Inc. and Beacon Income Fund XVIII. The two companies, however, are subsidiaries of Pacific Coast Financial Services Inc.
BUSINESS
July 1, 1998 | PATRICE APODACA, TIMES STAFF WRITER
Douglas Roy, former controller of the now-defunct Home Theater Products International Inc., has been sentenced to six months' home detention for his role in a bogus sales scheme at the Anaheim company. Roy, a 29-year-old Pomona resident, pleaded guilty last September to conspiracy to commit securities fraud and could have received up to five years in prison. In addition to the home detention, he was placed on three years' probation by U.S. District Judge Gary L. Taylor in Santa Ana.
BUSINESS
June 24, 1998 | E. SCOTT RECKARD, TIMES STAFF WRITER
Four Orange County residents operating as the Ostrich Group Inc. duped investors out of $800,000 in a bird-breeding scheme, the Securities and Exchange Commission contended in a lawsuit filed Tuesday. Investors were told the money would be used to buy breeder ostriches and sell the offspring, "generating substantial cash-flow revenues in a very short while," the SEC said in its complaint, filed in U.S. District Court in Los Angeles.
BUSINESS
May 19, 1998 | Davan Maharaj
Former Orange County real estate developer Donald Hill Williams Jr. pleaded guilty in federal court to 11 counts of investment fraud. Williams will be sentenced Aug. 17 by U.S. District Judge Alicemarie H. Stotler in Santa Ana. When Williams appeared before Stotler, he acknowledged that he ran a Ponzi scheme, soliciting money from new investors to pay off earlier obligations. Williams said he tricked investors into depositing $34 million in two limited partnerships that he controlled.
BUSINESS
May 15, 1998 | PATRICE APODACA, TIMES STAFF WRITER
Three former executives previously convicted of carrying out a bogus sales scheme at an Anaheim home theater systems company have agreed to repay nearly $1.2 million in profits from the fraud to settle a lawsuit by the Securities and Exchange Commission. But SEC spokesman James A. Howell said the payments were waived after the men produced financial statements showing they didn't have enough money. The complaint and the agreement were filed Wednesday in federal court in Santa Ana.
BUSINESS
May 9, 1998 | DAVAN MAHARAJ, TIMES STAFF WRITER
Donald Hill Williams Jr., the real estate developer who operated one of the state's largest Ponzi schemes targeting elderly investors, agreed Friday to plead guilty to 11 counts of investment fraud. He faces about three years in federal prison. Williams also promised to repay $30.5 million to 2,500 investors of his now-defunct Anaheim Hills firm, according to a plea agreement with federal prosecutors. The agreement, filed in U.S.
NEWS
May 9, 1998 | DAVAN MAHARAJ, TIMES STAFF WRITER
Donald Hill Williams Jr., the Orange County real estate developer who operated one of the state's largest Ponzi schemes targeting elderly investors, agreed Friday to plead guilty to 11 counts of investment fraud. He faces about three years in federal prison. Williams also promised to repay $30.5 million to 2,500 investors of his now-defunct Anaheim Hills firm, according to a plea agreement with federal prosecutors. The agreement, filed in U.S.
BUSINESS
April 18, 1998 | BARBARA MARSH, TIMES STAFF WRITER
A state agency filed suit to close three Orange County financial brokers for allegedly duping customers--many of them elderly--into investing $26 million in unregistered certificates of deposit. The Department of Corporations, in a filing last week in Superior Court in Los Angeles, alleged that the companies--CD Services Inc. and Nationwide CD Corp., both of Laguna Hills, and Leisure World Financial Services Inc.
BUSINESS
March 24, 1998 | E. Scott Reckard
A Superior Court judge has approved a $14-million settlement for educators who lost millions of dollars in retirement savings in the collapse of the Newport Beach company that handled their investments, Teachers Management & Investment Corp. Judge John C. Woolley late Friday approved a $14-million settlement with the accounting firm KPMG Peat Marwick and Comerica Bank-California. TMI previously settled for $4 million.
Los Angeles Times Articles
|