Westwood Savings Loan Association

As regulators see it, Edward Israel and Albert Collins are two of the reasons that Southern California now ranks as the savings and loan fraud capital of the nation. The two men took a tiny West Los Angeles thrift, Westwood Savings & Loan, and turned it into a cash machine for questionable real estate investments, according to allegations contained in a lawsuit.

Former Westwood S&L Chief Sentenced: Edward M. Israel received an 18-month federal prison sentence for defrauding Westwood Savings & Loan, where he was chairman and chief executive. Israel, 40, pleaded guilty last summer to three counts of fraud stemming from a scheme in which he and former Brookside Savings & Loan Chairman Michael S. Moers, who is also serving a prison sentence, secretly sold real estate in which they were partners to their respective S&Ls.

A Los Angeles attorney was charged Wednesday with helping the ex-chairman of now-defunct Brookside Savings & Loan Assn. secretly sell a piece of real estate to his own thrift. The prosecution of David R. Altshuler, 42, marks the fourth case arising out of the investigation into Brookside's failure, one of the Justice Department's top 100 savings and loan fraud investigations nationwide. Three other men, including former Brookside Chairman Michael S.

A Los Angeles attorney was charged Wednesday with helping the ex-chairman of now-defunct Brookside Savings & Loan Assn. secretly sell a piece of real estate to his own thrift. The prosecution of David R. Altshuler, 42, marks the fourth case arising out of the investigation into Brookside's failure, one of the Justice Department's top 100 savings and loan fraud investigations nationwide. Three other men, including former Brookside Chairman Michael S.

Israeli Defense Minister Moshe Arens revealed an intrinsic anti-Arab racism in a Times interview (Commentary, Aug. 21). Reporter William Tuohy quotes Arens as saying, "Unfortunately, there is in some of the Arab world, including many of the Palestinians, this streak of fanaticism and brutality and lack of sharing in the values that we believe--in democracy and tolerance in not using violence unless it is absolutely necessary. It's unfortunate."

Federal regulators hung out "for sale" signs Wednesday on 59 more failed thrifts, including four in Southern California. The four are First Network Federal Savings Bank and Westwood Savings, both in Los Angeles; Western Empire Federal Savings & Loan in Yorba Linda, and Investment Federal Savings & Loan in Woodland Hills. The aggregate amount of deposits held by the latest batch of thrifts for sale is $8.2 billion, though none of them has more than $500 million in deposits.

Federal banking regulators Friday took over 25 more insolvent savings and loans across the country, including Westwood Savings & Loan in Los Angeles, a thrift in trouble for several years because of real estate loan losses. The seizures were made by the Federal Deposit Insurance Corp. and bring to 36 the number of insolvent thrifts placed in government conservatorship during the past two weeks.

Former Westwood S&L Chief Sentenced: Edward M. Israel received an 18-month federal prison sentence for defrauding Westwood Savings & Loan, where he was chairman and chief executive. Israel, 40, pleaded guilty last summer to three counts of fraud stemming from a scheme in which he and former Brookside Savings & Loan Chairman Michael S. Moers, who is also serving a prison sentence, secretly sold real estate in which they were partners to their respective S&Ls.

Federal thrift regulators and the FBI have given top priority to investigations of seven failed Orange County and Los Angeles savings and loans as part of the Bush Administration's new coordinated effort to push for criminal prosecutions in thrift fraud cases. A surprise among the seven targeted S&Ls is Mercury Savings & Loan in Huntington Beach, where there was no previous hint of a criminal probe. Regulators seized the insolvent S&L on Feb.

As regulators see it, Edward Israel and Albert Collins are two of the reasons that Southern California now ranks as the savings and loan fraud capital of the nation. The two men took a tiny West Los Angeles thrift, Westwood Savings & Loan, and turned it into a cash machine for questionable real estate investments, according to allegations contained in a lawsuit.

Israeli Defense Minister Moshe Arens revealed an intrinsic anti-Arab racism in a Times interview (Commentary, Aug. 21). Reporter William Tuohy quotes Arens as saying, "Unfortunately, there is in some of the Arab world, including many of the Palestinians, this streak of fanaticism and brutality and lack of sharing in the values that we believe--in democracy and tolerance in not using violence unless it is absolutely necessary. It's unfortunate."

Michael S. Moers, former co-owner and chairman of Brookside Savings & Loan, was charged Thursday with four federal felony counts stemming from alleged real estate investment scams and dealings with another failed Los Angeles thrift, Westwood Savings & Loan. Calling the case one of the most important involving thrifts filed so far in Southern California, U.S. Atty. Lourdes G. Baird in Los Angeles added that investigations into Brookside and Westwood are a top priority of the federal government.

Federal thrift regulators and the FBI have given top priority to investigations of seven failed Orange County and Los Angeles savings and loans as part of the Bush Administration's new coordinated effort to push for criminal prosecutions in thrift fraud cases. A surprise among the seven targeted S&Ls is Mercury Savings & Loan in Huntington Beach, where there was no previous hint of a criminal probe. Regulators seized the insolvent S&L on Feb.

Federal regulators hung out "for sale" signs Wednesday on 59 more failed thrifts, including four in Southern California. The four are First Network Federal Savings Bank and Westwood Savings, both in Los Angeles; Western Empire Federal Savings & Loan in Yorba Linda, and Investment Federal Savings & Loan in Woodland Hills. The aggregate amount of deposits held by the latest batch of thrifts for sale is $8.2 billion, though none of them has more than $500 million in deposits.

Michael S. Moers, former co-owner and chairman of Brookside Savings & Loan, was charged Thursday with four federal felony counts stemming from alleged real estate investment scams and dealings with another failed Los Angeles thrift, Westwood Savings & Loan. Calling the case one of the most important involving thrifts filed so far in Southern California, U.S. Atty. Lourdes G. Baird in Los Angeles added that investigations into Brookside and Westwood are a top priority of the federal government.

The Federal Savings and Loan Insurance Corp. filed a $127-million suit Friday against 10 former officials or business associates of Westwood Savings & Loan, charging them with improper practices leading to Westwood's insolvency. The civil suit is the first action by the FSLIC to recover losses that it might suffer as a result of having taken control of the once-fast-growing savings and loan firm in March, 1986, FSLIC spokeswoman Martha Gravlee said.

Federal banking regulators Friday took over 25 more insolvent savings and loans across the country, including Westwood Savings & Loan in Los Angeles, a thrift in trouble for several years because of real estate loan losses. The seizures were made by the Federal Deposit Insurance Corp. and bring to 36 the number of insolvent thrifts placed in government conservatorship during the past two weeks.