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Investment Fraud

BUSINESS
February 5, 2009 | Roger Vincent
Small investors accused a prominent California real estate brokerage and a former Orange County businessman in a lawsuit Wednesday of taking part in an elaborate scam that fleeced individual investors out of millions of dollars in recent years. The lawsuit, filed in federal court in San Jose, alleges that brokers at Marcus & Millichap allegedly took part in a conspiracy to buy small commercial properties, artificially inflate their values and sell them to unsuspecting investors.
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NEWS
May 11, 1998 | MICHAEL A. HILTZIK, TIMES STAFF WRITER
The pitch sounded irresistible: Amid the hyperviolent sewage of commercial children's television, what could be more alluring than a cable channel devoted entirely to kids' shows featuring wholesome stars such as Shari Lewis and Bill Cosby? "No violence on the network--of course it sounded appealing," said Jeanne D'Amato, a Sun Valley investor who put up $10,000. Judy Klopfer, a Torrance nurse, invested 10 grand; a Westside minister put up his $125,000 retirement stash; a retired Lexington, Ky.
BUSINESS
November 25, 1990 | JIM SCHACHTER, TIMES STAFF WRITER
There's a certain kind of business known as a schlock operation. Its merchandise is schlock-- Yiddish for "knocked about," second-rate, fire-sale stuff. But the term also suggests a way of doing business, regardless of the merchant's ethnicity. The standard operating procedures are seat-of-the-pants. Ethics are checked at the door. Such operations and operators are staples of commerce, moving goods no one else will sell and serving a clientele that big business ignores.
BUSINESS
August 13, 1997 | From Times Staff and Wire Reports
An Orange County man who claimed he wanted to revive production of America's first motorcycle has been convicted of bilking investors in his Indian Motocycle scheme out of $830,000. A U.S. District Court jury deliberated for less than three hours Monday before finding Philip S. Zanghi II guilty of 12 counts of securities fraud, three counts of tax evasion and six counts of money laundering. Judge Frank Freedman scheduled sentencing for Zanghi, 51, of Mission Viejo, for Dec. 9.
BUSINESS
March 15, 1992 | TOM FURLONG, TIMES STAFF WRITER
Any doubts Paul Sarkozy had about investing his life savings--about $600,000 of the settlement from an auto accident that left him a paraplegic--with John Rinaldo vanished after the glib moneyman hosted a dinner party for Sarkozy at a splendid house in Newport Beach. Set on a golf course behind security gates, the home dazzled Sarkozy, an Eastern European refugee unaccustomed to elegance. "I was impressed," Sarkozy said. "He was a man of means."
NEWS
May 12, 1993 | MICHAEL FLAGG, TIMES STAFF WRITER
Steven D. Wymer, the Newport Beach investment adviser who stole $92 million from clients, was sentenced Tuesday to 14 1/2 years in prison for what prosecutors said was one of the nation's biggest and most devastating financial scams. It was a victory for prosecutors, who had said Wymer should serve 15 1/2 to 19 1/2 years. In pleading guilty and agreeing to pay $92 million in restitution, Wymer had asked for a sentence of less than 10 years.
BUSINESS
August 23, 2005 | From Bloomberg News
Two former Bristol-Myers Squibb Co. executives defrauded investors by improperly accounting for $1.5 billion in revenue in 2000 and 2001, the Securities and Exchange Commission said Monday. Frederick Schiff, former chief financial officer for the No. 5 U.S.
CALIFORNIA | LOCAL
July 28, 1990 | TRACY WILKINSON, TIMES STAFF WRITER
A Beverly Hills-based real estate consortium has been accused by state officials of "blatant and egregious" fraud in a complicated and extensive investment scheme that may have cost 400 victims millions of dollars throughout Southern California.
BUSINESS
May 9, 2006 | From the Associated Press
Federal and state securities regulators Monday announced a joint program designed to protect senior citizens from investment fraud. The Securities and Exchange Commission has put together a new national strategy for protecting older investors and has been working with securities-industry and Florida regulators in a crackdown on misleading sales seminars for seniors offering free lunches.
NEWS
May 23, 1990 | From Times Staff and Wire Reports
Nancy Hoover Hunter pleaded guilty to four felony counts stemming from the J. David & Co. investment fraud, finally admitting criminal involvement in the $80-million scam and bringing to an end various federal cases against her. Under a plea bargain, she pleaded guilty to two counts apiece in two separate cases. U.S. District Judge Earl B. Gilliam sentenced Hunter, 51, to 10 years in prison.
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