Glacier Assurance’s president was arrested.
John F. Hayden, 66, of Santa Ana was arrested shortly after being indicted by a Los Angeles federal grand jury on wire fraud charges stemming from two real estate deals. Hayden and six others allegedly borrowed $21 million from 21 financial institutions by relying on fraudulent appraisals and by submitting worthless financial guarantee bonds issued by Glacier. Glacier was declared insolvent by California and Montana authorities in 1985.
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