September 26, 1992 |
A money manager charged with bilking more than $100 million from dozens of local governments has struck a deal to settle the federal criminal and civil cases against him, sources said Friday. The FBI, postal investigators, prosecutors and securities regulators scheduled a news conference for Tuesday at the federal court house in Los Angeles to announce settlement of the case against Steven D. Wymer.
CALIFORNIA | LOCAL
February 11, 1995 |
Securities dealer Daniel Osborn denied Friday that he received fraudulent commissions while a business associate of convicted swindler Steven D. Wymer, as alleged in a civil complaint filed by the Securities and Exchange Commission. The SEC on Monday alleged that Osborn, through his broker-dealer DLO Securities Inc., formerly of Irvine, had charged excessive and undisclosed markups in transactions with Wymer's Institutional Treasury Management Inc.
September 26, 1992 |
Newport Beach money manager Steven D. Wymer, charged with bilking more than $100 million from dozens of local governments, has struck a deal to settle the federal criminal and civil cases against him, sources said Friday. The FBI, postal investigators, prosecutors and securities regulators scheduled a news conference Tuesday at the federal courthouse in downtown Los Angeles to announce settlement of the Wymer case.
February 25, 1992 |
A federal judge Monday set Sept. 15 as the date Newport Beach investment adviser Steven D. Wymer will stand trial on charges he stole $113 million from clients. Prosecutors allege that the money disappeared while Wymer was supposedly investing it in federal Treasury bonds for about 100 cities in Iowa and California, including Orange. It isn't clear where the money went, since prosecutors are still trying to trace it.
February 12, 1992 |
The City Council removed $7 million from its books Tuesday, money lost in an alleged investment fraud by Newport Beach money manager Steven D. Wymer. Wymer has pleaded not guilty to 30 federal charges against him, including securities fraud. The investment scandal became public in December. Orange was one of several cities that invested idle funds with Wymer.
March 17, 1992 |
The court-appointed receiver for indicted Irvine investment adviser Steven D. Wymer has begun liquidation proceedings against three Wymer companies in federal bankruptcy court here. The Chapter 7 petitions, filed late last week, cite millions of dollars in liabilities--funds that a variety of clients including the cities of Orange and Torrance say the investment manager squandered instead of investing for them.
January 24, 1992 |
Investment adviser Steven D. Wymer was released from jail Thursday on $600,000 bail but will remain under virtual house arrest at his Newport Beach home, wearing an electronic ankle band to ensure that he does not flee. "He's glad to be out and is looking forward to a quiet evening at home with his wife and family," said Wymer's attorney, Mark S. Roberts. Wymer had been held at the Metropolitan Detention Center in Los Angeles since his Dec.
June 17, 1992 |
Indicted investment adviser Steven D. Wymer, who is accused of defrauding local governments of more than $100 million, has consented to a federal order that bars him from the industry permanently, the Securities and Exchange Commission said Tuesday. The SEC said the Newport Beach resident agreed, as expected, to the administrative order without admitting or denying guilt.
January 9, 1992 |
Federal authorities on Wednesday began seizing up to $15 million in property belonging to Newport Beach investment adviser Steven D. Wymer, alleging that the houses, condominiums, luxury cars and boats were ill-gotten gains from a securities swindle that defrauded investors of more than $100 million. The U.S. attorney's office described the forfeiture action as "one of the largest financial fraud seizures ever."
CALIFORNIA | LOCAL
March 12, 1992 |
Torrance filed suit this week against Steven D. Wymer and his once-lauded financial empire in hopes of recapturing $6 million in city money that was discovered missing in December. The civil lawsuit, filed in U.S. District Court, accuses Wymer of defrauding Torrance of money the city had entrusted to the Irvine-based investment adviser. City Atty. Kenneth L.