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Serge B Woodruff

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BUSINESS
July 11, 1987 | JAMES S. GRANELLI, Times Staff Writer
The FBI said Friday that it is investigating claims of bank fraud and embezzlement at Universal Savings Bank, the Orange-based institution that was the taken over by the state last month but returned to the control of its Australian owner Wednesday by court order. FBI spokesman Jim Neilson would not disclose what triggered the investigation or who the targets of the probe are but said that the investigation began about a month ago.
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BUSINESS
July 11, 1987 | JAMES S. GRANELLI, Times Staff Writer
The FBI said Friday that it is investigating claims of bank fraud and embezzlement at Universal Savings Bank, the Orange-based institution that was the taken over by the state last month but returned to the control of its Australian owner Wednesday by court order. FBI spokesman Jim Neilson would not disclose what triggered the investigation or who the targets of the probe are but said that the investigation began about a month ago.
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BUSINESS
June 30, 1987
The longtime president of Universal Savings Bank, ousted by state regulators when they took over the savings and loan in an unprecedented action June 16, is being brought back to once again run the Orange-based institution. Serge B. Woodruff will resume his duties on a temporary, full-time basis, according to William D. Davis, chief deputy commissioner of the state Department of Savings and Loan.
BUSINESS
July 29, 1987 | JAMES S. GRANELLI, Times Staff Writer
Universal Savings Bank reportedly has nearly settled its regulatory woes by paying about $390,000 in severance benefits to two directors who precipitated a short-lived state takeover of the Orange-based institution. The S&L also agreed to hire a new president approved by federal regulators. Universal, which is owned by an Australian company, Unity Corp. Ltd. of Sydney, also has agreed as part of the settlement to put three U.S. residents on its five-member board.
BUSINESS
July 14, 1987 | JANE APPLEGATE and JAMES S. GRANELLI, Times Staff Writers
A federal judge in Los Angeles refused Monday to lift a government order requiring Universal Savings Bank to reinstate two directors who were suspended from their positions shortly before complaining to regulators about an allegedly improper plan to loan $10 million. The allegations of a scheme to violate savings and loan regulations by making excessive loans to the chairman of the Australian company that owns the Orange-based S&L prompted state officials to seize Universal last month.
BUSINESS
June 20, 1988 | DENISE GELLENE, Times Staff Writer
From a second-floor balcony inside Family Savings & Loan's headquarters, Robert E. Bowdoin gazed down--seemingly with a sense of relief--on the empty teller windows in the quiet banking office. Just nine months ago, jittery customers lined up outside Family Savings in Los Angeles' Crenshaw district and withdrew about $3 million--a staggering amount for the tiny thrift--as reports about questionable loan practices surfaced.
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