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Investment Fraud Orange County

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.
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BUSINESS
February 13, 1998 | P.J. HUFFSTUTTER, TIMES STAFF WRITER
In its first investor fraud case against an Internet service provider, a federal regulator accused two Orange County men and their company of raising nearly $1.1 million for an online access firm that may not have existed. The Securities and Exchange Commission alleges in a lawsuit, filed Wednesday in U.S. District Court in Los Angeles, that Steven P. Hevell and Jim D. James sold unregistered securities to at least 56 investors.
BUSINESS
January 30, 1998 | E. SCOTT RECKARD, TIMES STAFF WRITER
Ending the only federal case against a brokerage linked to Orange County's bankruptcy, a Wall Street firm and two employees agreed Thursday to pay $870,000 to settle charges they failed to disclose the risks of investing in county bonds. The Securities and Exchange Commission had accused C.S. First Boston Corp. of intentional fraud and reckless conduct in helping the county sell $110 million in pension bonds just before it declared bankruptcy in December 1994.
NEWS
January 30, 1998 | E. SCOTT RECKARD, TIMES STAFF WRITER
Ending the only federal case against a brokerage linked to Orange County's bankruptcy, a Wall Street firm and two employees agreed Thursday to pay $870,000 to settle charges they failed to disclose the risks of investing in county bonds. The Securities and Exchange Commission had accused C.S. First Boston Corp. of intentional fraud and reckless conduct in helping the county sell $110 million in pensions bonds just before it declared bankruptcy in December 1994.
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.
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)
Former Orange County developer Harold E. Tobin was accused in a federal lawsuit 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.
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.
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