COURTS : 7 Businessmen Face Wire Fraud Charges
Seven businessmen--six of them from Orange County-- swindled 21 banks and savings and loan companies out of $21 million in real estate loans, according to a federal grand jury indictment.
The businessmen allegedly told the lending institutions that they planned to buy and develop land in Chatsworth and Newhall, the indictment, filed in Los Angeles, charged.
But, according to court records, the men diverted the money for their own use.
By week’s end, six of the seven had been arrested by the FBI on wire fraud charges.
Arrested were John F. Hayden, 66, Santa Ana; Marvin H. Weiss, 59, West Covina; John W. (Skip) Chodak, 43, Laguna Hills; John R. Ward, 46, Newport Beach; Bruce R. Furst, 33, Laguna Hills; and Leo M. Peterson, 42, Fountain Valley.
A warrant has been issued for the seventh, Gerald R. Ramos, 37, of Orange.
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