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Sevitski Associates

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BUSINESS
May 28, 1991 | JOHN MEDEARIS, TIMES STAFF WRITER
Sevitski & Associates told its investors, or backers, that "the best and most confident backers are informed backers." But according to the California Department of Corporations, the oil and gas concern didn't inform its backers about some important facts. For starters, the Westlake Village firm and some related companies, ostensibly engaged in energy investments, actually ran a Ponzi scheme, the department contends.
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BUSINESS
May 28, 1991 | JOHN MEDEARIS, TIMES STAFF WRITER
Sevitski & Associates told its investors, or backers, that "the best and most confident backers are informed backers." But according to the California Department of Corporations, the oil and gas concern didn't inform its backers about some important facts. For starters, the Westlake Village firm and some related companies, ostensibly engaged in energy investments, actually ran a Ponzi scheme, the department contends.
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BUSINESS
May 21, 1991
The California Department of Corporations won a Superior Court temporary restraining order against Sevitski & Associates, a Westlake Village oil and gas investments concern, forcing it to stop seeking investors and placing it in receivership. The state agency alleged that Sevitski & Associates ran a so-called Ponzi scheme, paying off some investors directly with money collected from other investors, rather than from returns on energy investments.
BUSINESS
May 21, 1991
The California Department of Corporations won a Superior Court temporary restraining order against Sevitski & Associates, a Westlake Village oil and gas investments concern, forcing it to stop seeking investors and placing it in receivership. The state agency alleged that Sevitski & Associates ran a so-called Ponzi scheme, paying off some investors directly with money collected from other investors, rather than from returns on energy investments.
BUSINESS
March 26, 1991 | JOHN MEDEARIS, TIMES STAFF WRITER
The California Department of Corporations is investigating Sevitski & Associates, a Westlake Village concern that sells oil and gas investments. "We are very actively working on it," said Bill McDonald, assistant commissioner of the department, which has jurisdiction over state securities laws.
CALIFORNIA | LOCAL
November 21, 1995 | NICK GREEN
A 36-year-old Oxnard man who pleaded guilty Monday to filing a false tax return faces up to three years in jail and a $250,000 fine, authorities said. Joseph J. Martori pleaded guilty in U.S. District Court in Los Angeles to underreporting his income by $100,000 in 1989, Assistant U.S. Atty. Jerome Friedberg said. Martori was formerly a salesman for the now-defunct Westlake Village company, Sevitski & Associates, which sold purported oil and gas investments.
CALIFORNIA | LOCAL
April 30, 1996 | PAUL ELIAS
The owner of a Westlake oil and gas investment company was sentenced Monday to three years in federal prison for operating a multimillion-dollar pyramid scheme. Joseph Sevitski, 49, of Santa Barbara had earlier pleaded guilty to one count of federal income tax evasion and one count of mail fraud. He admitted to defrauding investors in his now-defunct company of about $10 million. The company, known as Sevitski and Associates, operated from 1987 through 1991.
CALIFORNIA | LOCAL
April 20, 1995 | JEANNETTE DeSANTIS, TIMES STAFF WRITER
The owner of an oil and gas investment firm who allegedly bilked $9 million out of investors was indicted Wednesday on charges of securities fraud, mail fraud and money laundering, according to the U.S. attorney's office. A federal grand jury returned a 29-count indictment against Joseph T. Sevitski, 49, of Malibu. If convicted, Sevitski faces up to 485 years in prison and a $14-million fine, said Assistant U.S. Atty. Barbara M. Scheper, who is prosecuting the case.
BUSINESS
March 26, 1991 | JOHN MEDEARIS, TIMES STAFF WRITER
The California Department of Corporations is investigating Sevitski & Associates, a Westlake Village concern that sells oil and gas investments. "We are very actively working on it," said Bill McDonald, assistant commissioner of the department, which has jurisdiction over state securities laws.
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