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Ramona Savings Loan Association

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BUSINESS
July 30, 1991 | ERIC YOUNG, TIMES STAFF WRITER
An Orange County certified public accountant who funneled millions of dollars in loans from the failed Ramona Savings & Loan to his clients pleaded guilty to bank fraud Monday and agreed to cooperate with a federal investigation into other shady deals involving the thrift. Federal prosecutors accused Robert C. Gilbert of acting as a "straw borrower" for an undisclosed number of clients who used $5 million in Ramona loans as a down payment to buy Ramona from John L. Molinaro, who with Donald P.
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BUSINESS
February 15, 1989 | James S. Granelli, Times staff writer
Three years ago, when regulators seized the now defunct American Diversified Savings Bank in Costa Mesa, they hired a management team from nearby Pacific Savings Bank to manage American Diversified while they tried to figure out what to do with the failed operation. Less than 6 months later, Pacific Savings bowed out of the arrangement as its problems began to surface. Regulators installed new management 20 months ago and, on Feb. 7, put Pacific Savings into receivership.
BUSINESS
April 28, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
The first owners of a failed thrift in Southern California to be convicted of bank fraud have tentatively agreed, along with several others, to surrender $5.9 million in assets to settle a civil lawsuit brought by the Federal Deposit Insurance Corp., it was learned Friday. The FDIC filed a $30-million lawsuit against former Ramona Savings & Loan owners Donald P. Mangano Sr. and John L. Molinaro to try to recoup money lost after the 1986 collapse of the Orange-based thrift.
BUSINESS
July 21, 1989 | GREGORY CROUCH, Times Staff Writer
During opening arguments Thursday, a federal prosecutor told jurors that two Orange County men bilked a savings and loan of millions of dollars through a fraudulent land scheme, while a defense attorney argued they were guilty only of following the bad investment advice of regulators. Donald P. Mangano Sr., 52, and John L. Molinaro, 48, each face more than 30 charges in U.S.
BUSINESS
October 6, 1989 | GREGORY CROUCH, Times Staff Writer
One day after he was found guilty of bank fraud and conspiracy, a former owner of an Orange thrift was sent to prison Thursday by a federal judge after prosecutors said they were worried he might flee the country given his past conviction for passport fraud. U.S. District Judge David V. Kenyon lifted the $600,000 bail on John L. Molinaro and ordered he be taken to Metropolitan Detention Center in Los Angeles. Molinaro cursed deputy marshals as they handcuffed him and led him away.
BUSINESS
September 29, 1989
The first criminal trial involving owners of a failed Southern California thrift went to the jury Thursday after 11 weeks of testimony in U.S. District Court that encompassed 35 witnesses and 350 exhibits. John L. Molinaro, 48, and Donald P. Mangano Sr., 52, former owners of Ramona Savings & Loan in Orange, each face more than 30 charges, including bank fraud and conspiracy, in the real estate transactions that led to the thrift's collapse in September, 1986. The S&L subsequently needed a $65.
BUSINESS
February 14, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
The first owners of a failed thrift in Southern California to be convicted of bank fraud received severe prison sentences Tuesday in an emotional proceeding in federal court and were ordered to pay millions of dollars in restitution to the government. Donald P. Mangano Sr., 53, of Huntington Beach was sentenced to 15 years in prison and John L. Molinaro, 49, of San Jose was sentenced to 12 years for fraud and conspiracy that led to the 1986 collapse of Ramona Savings & Loan in Santa Ana.
BUSINESS
February 14, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
Two Orange County businessmen convicted of causing the collapse of Ramona Savings & Loan in Santa Ana received severe prison sentences Tuesday in federal court in Los Angeles and were ordered to pay millions of dollars in restitution to the government. Donald P. Mangano Sr., 53, of Huntington Beach, was sentenced to 15 years in prison, and John L. Molinaro, 49, of San Jose, received a 12-year sentence on charges of fraud and conspiracy that led to the thrift's 1986 collapse.
BUSINESS
February 6, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
The sentencing of two Orange County businessmen convicted of diverting millions of dollars from a Santa Ana thrift was delayed Monday after the court was inundated with hundreds of letters from friends, associates and supporters requesting leniency. John L. Molinaro and Donald P. Mangano Sr.--former owners of Ramona Savings & Loan--were scheduled to be sentenced in U.S. District Court in Los Angeles following a conviction in October on more than 30 charges each of bank fraud and conspiracy.
BUSINESS
February 1, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
The nation's top bank regulator has joined the U.S. attorney's office in Los Angeles in recommending long prison sentences and payment of millions of dollars in restitution and fines for two Orange County men convicted of causing the collapse of a Santa Ana savings and loan. The U.S. attorney's office has recommended that John L. Molinaro and Donald P. Mangano Sr.--former owners of Ramona S&L--receive 55 years in prison between them and pay a total $15 million in fines and restitution.
BUSINESS
January 3, 1990 | ROBERT W. STEWART and TOM FURLONG, TIMES STAFF WRITERS
A $4-million "windmill" nestled in Malibu's verdant Ramirez Canyon. A sprawling equestrian center in Griffith Park. A small office building in Orange built by a defunct thrift whose former owners are now convicted swindlers. These properties are among scores in California that were built, acquired or repossessed by savings and loan associations that went under. On Tuesday, they found their place on the first comprehensive list of real estate put on the auction block by the Resolution Trust Corp.
BUSINESS
August 20, 1988 | JOHN SPANO, Times Staff Writer
The former chairman of a failed Orange County savings and loan firm has claimed that federal regulators won his cooperation in a civil investigation with a promise not to prosecute him on criminal charges, but then reneged. Donald P. Mangano Sr., who owned half of the now-defunct Ramona Savings & Loan in Orange, says in a lawsuit filed in U.S. District Court in Los Angeles that he was lulled into helping regulators by their false assurances.
BUSINESS
May 16, 1989
Former S&L Owners' Trial Delayed: U.S. District Judge David V. Kenyon has delayed the criminal trial of the former owners of Orange-based Ramona Savings & Loan until June 13 because of a scheduling conflict. John L. Molinaro and Donald P. Mangano were scheduled to stand trial begining today on more than 30 criminal charges including bank fraud and conspiracy in connection with a Palm Springs real estate deal that regulators say contributed to Ramona's September, 1986, collapse. A spokesperson for the U.S. Attorney's Office said a lengthy civil lawsuit Kenyon is currently hearing forced the postponement.
BUSINESS
October 6, 1989 | GREGORY CROUCH, Times Staff Writer
One day after he was found guilty of bank fraud and conspiracy, a former owner of an Orange thrift was sent to prison Thursday by a federal judge after prosecutors said they were worried he might flee the country given his past conviction for passport fraud. U.S. District Judge David V. Kenyon lifted the $600,000 bail on John L. Molinaro and ordered he be taken to Metropolitan Detention Center in Los Angeles. Molinaro cursed deputy marshals as they handcuffed him and led him away.
BUSINESS
October 5, 1989 | GREGORY CROUCH, Times Staff Writer
In the first criminal trial of owners of a failed savings and loan in Southern California, a federal jury on Wednesday found two men guilty of bank fraud and conspiracy in connection with the 1986 collapse of Ramona Savings & Loan in Orange. "The jury loudly and clearly sent a message that the public will not tolerate looting and stealing of depositors' money by those who own and operate a savings and loan association," said Assistant U.S. Atty. Steven E. Zipperstein, who prosecuted the case.
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