Financier Rinaldo Gets Delay of Month in Start of Jail Term
Orange County financier John G. Rinaldo has received a one-month reprieve before he must start serving his three-year jail sentence for mail fraud. He was sentenced in connection with the 1982 collapse of his retirement investment business.
Rinaldo, who was scheduled to enter jail Monday, was given until Aug. 22 to surrender because he is assisting lawyers who are suing Rinaldo and his companies on behalf of investors who lost money in his Costa Mesa-based American Home Mortgage Corp.
The company’s court-appointed bankruptcy trustee has estimated that investors lost about $11 million when Rinaldo’s financial empire collapsed in 1982.
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