Robert E Novell

UnionFed's Losses: Robert E. Novell, who already owned or controlled a small stake in UnionFed Financial Corp., figured that the Brea company had hit bottom last fall and was ready to turn around. After all, the holding company for Union Federal Savings Bank in Los Angeles had restated its fiscal year profit, under pressure from regulators, and posted an $18.1-million loss for the year ended June 30, 1990.

UnionFed's Losses: Robert E. Novell, who already owned or controlled a small stake in UnionFed Financial Corp., figured that the Brea company had hit bottom last fall and was ready to turn around. After all, the holding company for Union Federal Savings Bank in Los Angeles had restated its fiscal year profit, under pressure from regulators, and posted an $18.1-million loss for the year ended June 30, 1990.