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BUSINESS
December 11, 1995 | JAMES S. GRANELLI
The Securities and Exchange Commission has barred convicted swindler William E. Cooper from the securities industry for life for his role in bilking investors of $136 million in the First Pension Corp. scandal. The commission said that Cooper did not respond to accusations that he defrauded investors in 239 real estate limited partnerships by failing to tell them that critical documents didn't exist and that funds they paid to his Vestcorp Securities Inc.
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BUSINESS
December 11, 1995 | JAMES S. GRANELLI
The Securities and Exchange Commission has barred convicted swindler William E. Cooper from the securities industry for life for his role in bilking investors of $136 million in the First Pension Corp. scandal. The commission said that Cooper did not respond to accusations that he defrauded investors in 239 real estate limited partnerships by failing to tell them that critical documents didn't exist and that funds they paid to his Vestcorp Securities Inc.
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BUSINESS
May 18, 1994 | DAVID W. MYERS, TIMES STAFF WRITER
The allegations by the Securities and Exchange Commission last week that First Pension Corp. in Irvine may have stolen or misappropriated as much as $124 million from its investors have heightened financial experts' concerns about such "direct participation" programs. * Q: What did First Pension Corp. allegedly do wrong? A: Before it declared bankruptcy last month, First Pension functioned as a pension fund administrator, setting up IRAs, Keoghs and other types of retirement accounts.
BUSINESS
May 18, 1994 | DAVID W. MYERS, TIMES STAFF WRITER
The allegations by the Securities and Exchange Commission last week that First Pension Corp. in Irvine may have stolen or misappropriated as much as $124 million from its investors have heightened financial experts' concerns about such "direct participation" programs. * Q: What did First Pension Corp. allegedly do wrong? A: Before it declared bankruptcy last month, First Pension functioned as a pension fund administrator, setting up IRAs, Keoghs and other types of retirement accounts.
BUSINESS
September 14, 1995 | Times Staff and Wire Reports
SEC Seeks to Ban First Pension Fraud Figure: The Securities and Exchange Commission filed administrative charges seeking to ban William E. Cooper "from the securities industry for life," an SEC official in Los Angeles said. The charges against Cooper involve fraud in the sale of 239 limited partnerships in real estate deals by his Vestcorp Securities Inc.
BUSINESS
September 14, 1995 | Times Staff and Wire Reports
SEC Seeks to Ban First Pension Fraud Figure: The Securities and Exchange Commission filed administrative charges seeking to ban William E. Cooper "from the securities industry for life," an SEC official in Los Angeles said. The charges against Cooper involve fraud in the sale of 239 limited partnerships in real estate deals by his Vestcorp Securities Inc.
BUSINESS
July 30, 1994 | DEBORA VRANA, TIMES STAFF WRITER
In an attempt to recover missing funds for investors, a federal judge this week appointed a receiver to ferret out any remaining assets in the allegedly phony mortgage pools operated by First Pension Corp., the failed pension management firm. U.S. District Judge Harry L. Hupp on Thursday appointed Donald W. Henry, a Woodland Hills lawyer who specializes in real estate-related receiverships, as the receiver for the web of entities and partnerships affiliated with Irvine-based First Pension.
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 14, 1994 | MICHAEL A. HILTZIK, TIMES STAFF WRITER
The owners of Irvine-based First Pension Corp. operated an elaborate pyramid scheme that misled clients into thinking they were investing in mortgages that in fact did not exist, federal authorities disclosed Friday in alleging that as much as $124 million may have been lost to fraud and outright theft. The allegation in federal court by the Securities and Exchange Commission is the most complete version so far of how the scheme may have worked.
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.
NEWS
July 29, 2000 | GREG HERNANDEZ, TIMES STAFF WRITER
Six years after investors lost $136 million in fraud-ridden First Pension Corp., an Orange County jury on Friday found accounting giant Coopers & Lybrand and one of its partners liable for both general and punitive damages. The Superior Court jury determined that Coopers, which has since merged to become PricewaterhouseCoopers LLC, and partner Hal Hurwitz misrepresented First Pension's financial condition, concealed material information and aided and abetted the company's managers in the fraud.
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