Two Owners of Defunct Company Plead Not Guilty
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The two owners of defunct Crandall Financial Corp. and eight of their employees pleaded innocent to federal fraud charges Monday. Ronald Allen Smith of Fullerton, Michael Edward Smith of Fallbrook and their eight associates pleaded not guilty to 28 wire fraud charges stemming from the allegedly fraudulent sale by the Costa Mesa firm of $5.5 million worth of gems and $3 million in money market funds.
The 10 defendants are charged with using deceptive sales tactics to sell gems, money market programs and other investments and then using the investors’ money without permission. U.S. District Judge Edward Rafeedie set a Aug. 4 trial date.
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