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NEWS
By Joseph Serna, joseph.serna@latimes.com | December 28, 2010
An Irvine man persuaded 40 people to invest a total of $2.4 million in his Newport Beach-based business that claimed to sell a product combating childhood obesity, but instead of making money for them he spent all of their money on himself, according to federal prosecutors. In an indictment unsealed last week by a federal grand jury, Charles "Chuck" Davis, 53, was charged with 10 felony counts of defrauding investors. He pleaded not guilty in court Monday and was released on a $160,000 bond.
NEWS
May 1, 2012
International Bay Clubs Inc., parent company of the Balboa Bay Club & Resort and the Newport Beach Country Club, has been sold to investors in Irvine. Eagle Four Partners, a private equity group, and Pacific Hospitality Group LLC, a hotel management group, will assume joint management of both properties. "One of the great things about this asset is that it is historic and iconic," Kory Kramer, vice president of acquisitions and development of Pacific Hospitality Group, said Tuesday.
NEWS
By Joseph Serna | August 6, 2008
Newport Beach-based MKA Capital Group Advisors LLC has been running a Ponzi scheme on its investors, according to a Newport Beach couple suing the company. According to the lawsuit, filed in Orange County Superior Court July 28, MKA Capital Group, a real estate investment-management firm worth between $400 million and $500 million, has been using new investors’ money to cover losses suffered by the group’s “Opportunity Fund” investors. The Opportunity Fund is a fund created to make loans to real estate developers in hopes of turning a profit.
BUSINESS
By Amanda Pennington | March 3, 2007
Despite last week's downturn in the Dow Jones industrial average, it could be a good time to pick up bargains if an investor is willing focus on long-term investing, according to local experts. Or investors might just want to put their money in real estate — outside California since the market here is suffering. The stock market rebounded some after Tuesday, when the Dow Jones industrial average plunged 416 points, prompted by a massive investor sell-off. But with the price of stocks at a historic low, it could be profitable to buy if the investor is ready to hang in there for the long haul, said Pete Peterson, financial advisor at Costa Mesa's Edward Jones office.
NEWS
By Joseph Serna, joseph.serna@latimes.com | August 5, 2010
A Newport Coast man with a record of securities violations has been charged again, this time with allegedly defrauding investors out of millions of dollars, according to federal regulators. Larry R. Crowder, 53, was charged Wednesday by the Securities and Exchange Commission with allegedly lying to investors about $11 million in investments supposedly headed for a green energy company. The federal complaint names Crowder and Joseph R. Porche, 51, of Aliso Viejo, as the leaders of an investment scheme that duped about 200 investors.
NEWS
April 8, 2003
BRIEFLY IN THE NEWS Former Costa Mesa resident sentenced A former Costa Mesa resident who defrauded investors in a series of oil and gas investments was sentenced to 30 months in federal prison and ordered to pay a fine of $3.9 million, officials said Monday. Patrick Wayne Maloy, 44, who now lives in Norman, Okla., pleaded guilty in January to one count of mail fraud and one count of tax evasion. He also admitted that he solicited victims to invest in companies, which he told them were involved in the exploration, development and production of oil and gas producing properties.
NEWS
July 29, 2002
Christine Carrillo As the stock market continues to take drastic dives and steep inclines, brokerages in Newport-Mesa are working hard to reassure clients that the stock market remains an excellent avenue for them to reach their financial goals. As a result, their jobs are often as much about earning trust as crunching numbers. With clients here generally focusing on similar long-term goals, like college funding and retirement, investment specialists have tailored their advice and often face familiar questions.
NEWS
August 28, 2012
A Newport Beach man was found guilty Tuesday by a federal jury for his role in a scheme aimed at defrauding wealthy investors, according to the U.S. Department of Justice. William J. Ferry, 70, along with Dennis J. Clinton, 64, of San Diego were found guilty in U.S. District Court in Santa Ana of attempting to defraud a wealthy investor of $1 billion. Ferry acted as an underwriter in the scheme, according to a statement from the DOJ. In reality, the investor was part of an undercover FBI sting operation.
NEWS
May 6, 2009
A 67-year-old man accused of deceiving people out of millions through real estate fraud and a Ponzi scheme, including residents in Newport Beach and Costa Mesa, sat in jail Wednesday in lieu of $2.5 million bail. Joseph Anthony Veltre Jr. of Orange is scheduled to be arraigned May 22 on 62 felony counts with several enhancements claiming he lied, cheated and stole his way into $2.5 million between 2002 and 2007. Veltre is accused of using his two Orange County businesses — Sea View Financial and Allied Corporate Investments — to pose as a “hard money” lender.
FEATURES
By Peter Buffa | May 9, 2009
I’m proud of you. We’ve behaved very well lately, with a few exceptions, which brings us back to the people-behaving-badly-in-Newport-Mesa folder. Last week, it’s was the pooch-napping at Russo’s pet store in Fashion Island. This week, it’s Saks Fifth Avenue at South Coast Plaza, where three young men were arrested Thursday night for admiring some upscale merchandise, which is exactly what one would expect at Saks, but then reportedly trying to leave without exactly, well, paying for it, which is rude.
ARTICLES BY DATE
NEWS
By Jeremiah Dobruck | November 20, 2013
A former stock broker from Newport Beach was sentenced Tuesday to 15 months in prison for his part in an investment scheme designed to defraud an investor of $1 billion, the U.S. Department of Justice announced. In 2006, William J. Ferry, 71, and his co-conspirators promoted a fake plan they claimed was regulated by the Federal Reserve Bank with the purpose of raising money for humanitarian purposes like relief funding after Hurricane Katrina. Profits from the invested money would supposedly be split into three equal parts: funding for disaster relief or another humanitarian purpose, financing for the project and returns for the investor.
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OCNOW
From The Los Angeles Times | January 7, 2013
Irvine developer Western National Realty Advisors bought a 206-unit apartment complex in Long Beach for $46 million. Western National bought the property at 1613 Ximeno Ave. from Archstone, a Colorado apartment developer and operator. The new owners named the complex built in the 1980s the Landing at Long Beach. Western National plans to update the 145,000-square-foot garden-style complex, said Jerry LaPointe, vice president of Western National Realty Advisors, an affiliate of apartment investor Western National Group.
NEWS
By Rhea Mahbubani | December 13, 2012
Stan Frazier can't cook in silence. Depending on his mood, tunes ranging from David Bowie to Slayer and Madonna to Bill Evans can be heard pouring out of his two-story home in Newport Beach. "I need to have music playing when I'm involved in the craft of cooking because it puts me in such a good mindspace," said Frazier, one of the investors in A Restaurant & Market in Newport. "To me, they go so hand-in-hand that the music player needs to be switched on before I even tie my apron.
NEWS
By Brittany Woolsey | October 18, 2012
When he was the drummer of Sugar Ray, precision and multi-tasking played a big role in Stan Frazier's life. Now, he has transferred those skills to his new career as a chef. Frazier, a Newport Beach resident and co-investor of A Restaurant, traded his drumsticks for knives when he competed on the reality television series "Chef Race: UK vs. US. " He said that his wife found out about the show through a Craigslist ad and urged him to compete because he enjoyed cooking and was transitioning out of his days with Sugar Ray. (The band is still together, albeit without Frazier, who is on hiatus.)
NEWS
August 28, 2012
A Newport Beach man was found guilty Tuesday by a federal jury for his role in a scheme aimed at defrauding wealthy investors, according to the U.S. Department of Justice. William J. Ferry, 70, along with Dennis J. Clinton, 64, of San Diego were found guilty in U.S. District Court in Santa Ana of attempting to defraud a wealthy investor of $1 billion. Ferry acted as an underwriter in the scheme, according to a statement from the DOJ. In reality, the investor was part of an undercover FBI sting operation.
NEWS
By Britney Barnes | May 26, 2012
A former Newport Beach resident charged for running a fraudulent Internet company returned to the U.S. on Thursday after fleeing the country in 1999. James S. Eberhart, 71, was deported from Malaysia and expected in the U.S. District Court in Los Angeles, according to an FBI release. Eberhart, along with co-defendants Eugene M. Carriere, Richard Hines and Kenneth Gottlieb, were indicted for allegedly operating YES Entertainment Network Inc., a fraudulent Newport Beach company that solicited investments over the phone for an 18-channel, multimedia, family-oriented website, according to court documents.
NEWS
May 1, 2012
International Bay Clubs Inc., parent company of the Balboa Bay Club & Resort and the Newport Beach Country Club, has been sold to investors in Irvine. Eagle Four Partners, a private equity group, and Pacific Hospitality Group LLC, a hotel management group, will assume joint management of both properties. "One of the great things about this asset is that it is historic and iconic," Kory Kramer, vice president of acquisitions and development of Pacific Hospitality Group, said Tuesday.
ENTERTAINMENT
By B.W. Cook | April 4, 2012
If you caught CBS' "60 Minutes" on Sunday, one of the news magazine's segments reported on the phenomenal rise in investment value in the world of contemporary art. For reasons not explained in the broadcast, the contemporary art market has exploded in the last 20 years, outperforming other investment instruments including the traditional ones like stocks, bonds, commodities and currency markets. Last week in Irvine, a local gathering of art investors came together under the banner of First Foundation, Inc., which arranges loans on art for high net worth clients.
NEWS
By Mike Reicher | February 2, 2012
Newport Beach city officials recently ordered a real instate investor to stop gutting the interior of an office building designed by celebrated modernist architect Richard Neutra. It is the latest dispute concerning the Mariners Medical Arts building, a sleek 1963 complex at 1901 Westcliff Drive saved from demolition in 2009. Preservationist John Linnert, a Costa Mesa architect, noticed crews working on the upstairs interior in January and reported them to the city planning staff.
NEWS
From L.A. Times and Daily Pilot reports | January 17, 2012
A deal to sell the Balboa Bay Club and Newport Beach Country Club to a wealthy Hong Kong businessman has collapsed. The $174.5-million deal for the combination yacht club and hotel and its sister Newport Beach Country Club was called off Jan. 13. Investor Winston Chung never came up with the money as agreed, forfeiting what city documents show was a nonrefundable $4-million down payment. "We were told he was having difficulty moving money out of China," David Wooten, chief executive of the clubs, said Monday.
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