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May 8, 1993 | From Times Staff and Wire Reports
FDIC Takes Over Los Angeles Bank: The Federal Deposit Insurance Corp. was named receiver for Wilshire Center Bank, a small bank that was seized by the U.S. Comptroller of the Currency. The bank has about $9.5 million in assets. The FDIC said it was trying to find a buyer for Wilshire Center and to reopen the bank no later than Monday.
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BUSINESS
May 8, 1993 | From Times Staff and Wire Reports
FDIC Takes Over Los Angeles Bank: The Federal Deposit Insurance Corp. was named receiver for Wilshire Center Bank, a small bank that was seized by the U.S. Comptroller of the Currency. The bank has about $9.5 million in assets. The FDIC said it was trying to find a buyer for Wilshire Center and to reopen the bank no later than Monday.
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CALIFORNIA | LOCAL
August 2, 1988
A Los Angeles businessman was sentenced Monday to three years in prison, five years probation and 2,000 hours of community service for cashing $1.4 million in worthless checks at four banks. Defense attorney Rick Flam told Chief U.S. District Judge Manuel Real that his client, Peter Azer, 44, joined promoter John Ellsworth in the scheme because he needed the money to pay off debts from gambling and a failing wholesale fish business.
CALIFORNIA | LOCAL
May 26, 1988 | STEPHEN BRAUN, Times Staff Writer
An inventive Inglewood liquor store owner created a nonexistent blood laboratory and used a Byzantine series of phony loan applications and financial documents to defraud seven banks out of more than $1.4 million, federal prosecutors charged Wednesday. Prosecutors said Artie Gilbert Sr.
BUSINESS
October 5, 1988 | DOUGLAS FRANTZ, Times Staff Writer
Facing an unfamiliar and sometimes unbending banking system in the United States, thousands of Korean immigrants rely on an ancient Asian lending practice known as a kye to finance their prospering small businesses in Los Angeles and other cities. In a kye , a group of a dozen or more friends or associates get together monthly and each contributes the same amount, usually ranging from $100 to $50,000, to a common pot.
CALIFORNIA | LOCAL
May 30, 1988 | STEPHEN BRAUN and STEPHANIE CHAVEZ, Times Staff Writers
On paper, Artie Gilbert Sr. was a man of means. His business portfolio detailed a burgeoning commercial enterprise that included liquor stores, a bail bond agency, a paralegal firm, a medical laboratory and parcel upon parcel of real estate worth more than $3.4 million. When he needed fresh infusions of cash, he offered banks loan applications piled thick with impressive letterheads, invoices, real estate schedules and tax returns.
CALIFORNIA | LOCAL
April 23, 1989 | GLENN F. BUNTING, Times Staff Writer
When Henry Hwang filed papers in Sacramento last month declaring his intent to run for California lieutenant governor in 1990, the flamboyant Republican banker was counting on quickly raising $1 million in political contributions and using his name recognition in the Asian community to bolster his first try for public office. Soliciting large sums of money would pose no problem for Hwang, the wealthy 61-year-old founder and chairman of Far East National Bank who was thrust into the news recently because of his bank's association with Los Angeles Mayor Tom Bradley.
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