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BUSINESS
June 5, 1994 | DEBORA VRANA, TIMES STAFF WRITER
With a staff of just three employees, attorney Andrew C. Snyder has his work cut out for him. As court-appointed receiver for Summit Trust Services of Colorado--the company created by the three principals of failed First Pension Corp. in Irvine to handle client money--Snyder is trying to untangle the twisted web of thousands of retirement accounts and track down more than $24 million in missing investor funds. Summit was seized by Colorado banking authorities April 22.
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BUSINESS
June 5, 1994 | DEBORA VRANA, TIMES STAFF WRITER
With a staff of just three employees, attorney Andrew C. Snyder has his work cut out for him. As court-appointed receiver for Summit Trust Services of Colorado--the company created by the three principals of failed First Pension Corp. in Irvine to handle client money--Snyder is trying to untangle the twisted web of thousands of retirement accounts and track down more than $24 million in missing investor funds. Summit was seized by Colorado banking authorities April 22.
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BUSINESS
June 29, 1994 | DEBORA VRANA, TIMES STAFF WRITER
More than 200 angry clients of failed First Pension Corp. packed a hearing room in U.S. Bankruptcy Court Tuesday for an update on the failed Irvine pension management firm. Trustee James Joseph said a deal is underway to turn over client accounts to California Central Trust Bank, a Costa Mesa trust company with about $155.7 million in assets.
BUSINESS
June 1, 1994 | DEBORA VRANA, TIMES STAFF WRITER
In a raucous session punctuated by angry outbursts, about 150 investors in failed First Pension Corp. packed a U.S. Bankruptcy Court hearing room in Santa Ana on Tuesday, demanding that officials tell them where their money went. They got little satisfaction. Trustee James Joseph could report only that a new administrator may take over the accounts of the Irvine-based pension management firm, which has filed for liquidation.
BUSINESS
September 30, 1994 | DEBORA VRANA, TIMES STAFF WRITER
A federal bankruptcy judge on Thursday appointed California Central Trust Bank to administer about $250 million worth of investments remaining in failed First Pension Corp., one of Orange County's longest-running pyramid schemes. U.S. Bankruptcy Judge Lynne Riddle turned over to the Costa Mesa company, known as CalTrust, the chore of managing the accounts for most of First Pension's nearly 8,000 clients.
BUSINESS
June 1, 1994 | DEBORA VRANA, TIMES STAFF WRITER
In a raucous session punctuated by angry outbursts, about 150 investors in failed First Pension Corp. packed a U.S. Bankruptcy Court hearing room here Tuesday to demand that officials tell them where their money went. The investors received little satisfaction. Trustee James Joseph could report only that a new administrator may take over the accounts of the Irvine pension management firm.
BUSINESS
July 26, 1994 | DEBORA VRANA, TIMES STAFF WRITER
Federal prosecutors filed mail-fraud charges Monday against the three operators of First Pension Corp., the failed Irvine pension management company accused of running a $121.5-million Ponzi scheme. The three, who have already agreed to plead guilty, face maximum prison terms of 10 years and fines of up to $500,000 each. They will be arraigned Aug. 1 in U.S. District Court in Los Angeles on two counts each of mail fraud. The charges were filed against against Orange County businessman William E.
BUSINESS
May 30, 1994 | DEBORA VRANA, TIMES STAFF WRITER
A bit of relief may be available for some clients of failed First Pension Corp. in Irvine. Receivers have discovered two small insurance policies held by an affiliate that may cover some investor claims against the parent company. The court-appointed receiver for Summit Trust Services, a Denver-based firm established by First Pension principal William E.
BUSINESS
July 10, 1994 | DEBORA VRANA, TIMES STAFF WRITER
In the wake of First Pension Corp.'s failure, some companies that did business with the Irvine pension management firm are worried that investors who lost money in the collapse might try to put part of the blame on them. Despite a U.S.
BUSINESS
January 27, 1995 | DEBORA VRANA, TIMES STAFF WRITER
After nearly five hours of arguments from attorneys, a federal judge Thursday delayed the sentencing of Orange County financier William E. Cooper, who, along with two former partners, has admitted to swindling thousands of investors, most of them senior citizens, out of $136 million in retirement funds. U.S. District Court Judge John G. Davies said he would sentence Cooper on Feb. 2 at 9:30 a.m., after considering whether to give Cooper a stiffer sentence than other principals in the scam pension company.
BUSINESS
July 26, 1994 | DEBORA VRANA, TIMES STAFF WRITER
Federal prosecutors filed mail fraud charges Monday against the three operators of First Pension Corp., the failed Irvine pension management company accused of running a $121.5-million Ponzi scheme. The three, who have already agreed to plead guilty, face maximum prison terms of 10 years and fines of up to $500,000 each. They will be arraigned Monday in U.S. District Court in Los Angeles on two counts of mail fraud each. The charges were filed against against businessman William E.
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