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February 21, 1991 | DENISE GELLENE, TIMES STAFF WRITER
A federal grand jury in Philadelphia on Wednesday indicted Miami investor Leonard A. Pelullo on 55 criminal counts stemming from a scheme to defraud American Savings & Loan of Stockton and Royale Group Ltd. of $1.6 million. The indictment also charges that Pelullo, 40, separately defrauded Miami-based Royale Group of an additional $600,000. According to the indictment, Pelullo--as chairman of Royale Group--borrowed $13.5 million from American Savings to renovate several hotels owned by Royale.
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BUSINESS
February 21, 1991 | DENISE GELLENE, TIMES STAFF WRITER
A federal grand jury in Philadelphia on Wednesday indicted Miami investor Leonard A. Pelullo on 55 criminal counts stemming from a scheme to defraud American Savings & Loan of Stockton and Royale Group Ltd. of $1.6 million. The indictment also charges that Pelullo, 40, separately defrauded Miami-based Royale Group of an additional $600,000. According to the indictment, Pelullo--as chairman of Royale Group--borrowed $13.5 million from American Savings to renovate several hotels owned by Royale.
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BUSINESS
December 9, 1990 | DENISE GELLENE, TIMES STAFF WRITER
Transcon Lines, a big Los Angeles trucking company, was running on fumes when Leonard A. Pelullo took the wheel last spring. It was losing money--$5 million a month--as it tried in vain to compete with such industry giants as Roadway and Yellow Freight. It was late paying its bills; one of its unions had sued to collect an overdue pension payment. The company was in bad shape. Only a patient investor with deep pockets could reverse its downhill slide. Don't look to Lenny Pelullo.
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