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John M Sr Coughlan

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July 23, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
A 75-year-old Newport Beach man and his two sons each were sentenced in federal court Monday to three years in prison for concocting an $8.6-million real estate fraud against 11 banks and other financial institutions around the country. Federal prosecutors said the three men misapplied bank loans designated for construction projects to buy Rolls-Royces and other luxury items. Financial institutions, mostly in the Midwest, loaned millions of dollars to the three men.
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BUSINESS
July 23, 1991 | GREGORY CROUCH, TIMES STAFF WRITER
A 75-year-old Newport Beach man and his two sons each were sentenced in federal court Monday to three years in prison for concocting an $8.6-million real estate fraud against 11 banks and other financial institutions around the country. Federal prosecutors said the three men misapplied bank loans designated for construction projects to buy Rolls-Royces and other luxury items. Financial institutions, mostly in the Midwest, loaned millions of dollars to the three men.
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