Countywide : Golden Eagle Investors to Receive 17% Checks
Hundreds of investors should receive checks by the end of July for 17% of their original investment in the Golden Eagle Investment Co., the firm run by convicted swindler Ralph W. McDonald, court officials said.
That is all that remains of the $15 million in investments that McDonald solicited for Golden Eagle before his fraud conviction in 1983.
Bob Marshall, chief of finance for County Clerk Gary Granville, said that several dozen of the 600 swindled investors have not been contacted. Marshall asked anyone who thinks he deserves a check and does not receive it by Aug. 1 to call his office at (714) 834-6335.
When McDonald was arrested, police seized more than $800,000 in property. The legal tangle that ensued over the funds--which had grown to $1,062,000 with interest--tied up disbursement until last week, Marshall said.
McDonald was convicted on 27 felony counts. He promised investors high monthly returns on their money but then paid them instead from money received from subsequent investors.
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