Papa Holdings Inc

A California restaurateur agreed to settle federal charges that he and the other owners of four Papashon restaurants in the Los Angeles area fraudulently sold $21.6 million of stock to more than a thousand investors, regulators said. The Securities and Exchange Commission alleged Jonathan C. Papa of Calabasas, Papa Holdings Inc. and four of its subsidiaries used as many as 30 salespeople to illegally offer and sell unregistered stock in the companies from November 1995 to January 1999.

Federal regulators filed fraud charges against two executives with the Topz restaurant chain Wednesday, saying they cheated 360 investors out of $6.2 million. Mark R. Avila of Woodland Hills and Stephen R. Keenum of Newhall are accused of providing investors with bogus financial projections and misrepresenting how the investment money would be used.

Federal regulators filed fraud charges against two executives with the Topz restaurant chain Wednesday, saying they cheated 360 investors out of $6.2 million. Mark R. Avila of Woodland Hills and Stephen R. Keenum of Newhall are accused of providing investors with bogus financial projections and misrepresenting how the investment money would be used.

A California restaurateur agreed to settle federal charges that he and the other owners of four Papashon restaurants in the Los Angeles area fraudulently sold $21.6 million of stock to more than a thousand investors, regulators said. The Securities and Exchange Commission alleged Jonathan C. Papa of Calabasas, Papa Holdings Inc. and four of its subsidiaries used as many as 30 salespeople to illegally offer and sell unregistered stock in the companies from November 1995 to January 1999.

The Securities and Exchange Commission filed suit Thursday against the head of the Woodland Hills-based Papashon restaurant chain, alleging that he and his company defrauded 1,300 investors out of $21.6 million in a scheme to raise money for restaurants that were never built. According to officials with the SEC, Jonathan C. Papa, chairman and chief executive of Papa Holdings Inc.

The Securities and Exchange Commission has filed suit against the head of the Woodland Hills-based Papashon restaurant chain, alleging that he and his company defrauded 1,300 investors out of $21.6 million in a scheme to raise money for restaurants that were never built. Jonathan C. Papa, chairman and chief executive officer of Papa Holdings Inc.

A Los Angeles federal judge has ordered the former head of the Woodland Hills-based Papashon restaurant chain to repay more than $3 million he took from investors for restaurants that were never built. U.S. District Judge Steven V. Wilson ordered Jonathan C. Papa, who served as chairman of the board of Papa Holdings Inc., to pay a judgment of $3.1 million plus $422,876 in interest. The money will be used to repay some of the $21.

Three current or former executives with Encino-based Topz restaurants were among 12 people charged Wednesday with securities fraud in connection with the sale of shares in the now-defunct Papashon restaurant chain. The U.S. Securities and Exchange Commission filed fraud charges against the 12 former Papashon sales agents and managers, alleging that they concealed the amount of commissions they were making from investors when they sold shares in Woodland Hills-based Papa Holdings Inc.

The Woodland Hills company that operates the Papashon chain of French-Asian restaurants has closed three of its four eateries amid financial problems and reports that it is under investigation by the Securities and Exchange Commission, according to former company executives and employees. The Ponzu Cos. Inc., a subsidiary of Papa Holdings Inc., closed its plush Encino restaurant Sunday, a day after it shuttered its popular Pasadena outlet.

The Securities and Exchange Commission filed suit Thursday against the head of the Woodland Hills-based Papashon restaurant chain, alleging that he and his company defrauded 1,300 investors out of $21.6 million in a scheme to raise money for restaurants that were never built. According to officials with the SEC, Jonathan C. Papa, chairman and chief executive of Papa Holdings Inc.