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August 23, 1991 | JAMES F. PELTZ, TIMES STAFF WRITER
A customer of SafraBank California in Encino was free on bail Thursday after being arrested for allegedly using counterfeit gold coins to defraud the bank of $13.4 million. Tzyy Bin Chen, of Queens, N.Y., was arrested by the FBI in New York on Wednesday but pleaded innocent to the charges at an arraignment. He was released after bail was set at $3 million with a $50,000 cash security payment, said Assistant U.S. Atty. Peter K. Vigeland. Chen's lawyer, Paul P. Rao Jr.
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BUSINESS
August 23, 1991 | JAMES F. PELTZ, TIMES STAFF WRITER
A customer of SafraBank California in Encino was free on bail Thursday after being arrested for allegedly using counterfeit gold coins to defraud the bank of $13.4 million. Tzyy Bin Chen, of Queens, N.Y., was arrested by the FBI in New York on Wednesday but pleaded innocent to the charges at an arraignment. He was released after bail was set at $3 million with a $50,000 cash security payment, said Assistant U.S. Atty. Peter K. Vigeland. Chen's lawyer, Paul P. Rao Jr.
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BUSINESS
April 27, 1993
SafraCorp California, Encino-based holding company for SafraBank California, has agreed to be acquired by Republic New York Corp., holding company of Republic National Bank of New York. Republic said it is buying SafraBank to gain entry into private banking in California. Under the merger agreement, Republic said it will pay book value for SafraBank, or the net value of SafraBank's assets, after adjusting the assets and liabilities to market value as of the sale's closing date.
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