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Silverado Bancorp

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August 13, 1992 | JOHN O'DELL, TIMES STAFF WRITER
A small Orange County mortgage banking firm, whose owner served a prison term for a 1989 loan fraud conviction, is being accused in a civil suit of defrauding a quasi-federal agency. The Federal Home Loan Mortgage Corp. alleges that PFG Mortgage in Mission Viejo defrauded it of $8.5 million in the sale of mortgage notes. The company was renamed Silverado Bancorp earlier this month by owner Robert O. Potter in a move that some in the industry see as a poor judgment call or an odd sense of humor.
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BUSINESS
August 13, 1992 | JOHN O'DELL, TIMES STAFF WRITER
A small Orange County mortgage banking firm, whose owner served a prison term for a 1989 loan fraud conviction, is being accused in a civil suit of defrauding a quasi-federal agency. The Federal Home Loan Mortgage Corp. alleges that PFG Mortgage in Mission Viejo defrauded it of $8.5 million in the sale of mortgage notes. The company was renamed Silverado Bancorp earlier this month by owner Robert O. Potter in a move that some in the industry see as a poor judgment call or an odd sense of humor.
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