Federal Jury Indicts 7 Businessmen in $21-Million Fraud
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Seven Southern California businessmen have been indicted by a Los Angeles federal grand jury on wire fraud charges involving $21 million worth of real estate loans.
Six defendants were arrested Thursday by the FBI. The seventh is believed to be in Costa Rica, authorities said.
The 35-count indictment, issued late Wednesday, alleges that the businessmen fraudulently borrowed the $21 million to purchase and develop land in Chatsworth and Newhall. Twenty-one mostly small banks and savings and loans nationwide were the alleged victims, federal prosecutors said.
Those indicted were: John F. Hayden, 66, of Santa Ana; Marvin H. Weiss, 59, West Covina; John W. (Skip) Chodak, 43, Laguna Hills; Gerald R. Ramos, 37, Orange; John R. Ward, 46, Newport Beach; Bruce H. Furst, 33, of Laguna Hills, and Leo M. Peterson, 42, Fountain Valley.
An arrest warrant for Ramos was issued Thursday.
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