Figure Linked to Failed S&L; Held on Bad-Check Charge
Another figure in the cast of characters that federal regulators have linked to the late Duayne D. Christensen and his alleged $20-million fraud of North America Savings & Loan Assn. has turned up with a criminal past as well as the potential for serving more time on a pending fraud charge.
Jack Caldwell, who had numerous records in his Riverside office detailing some of the Santa Ana institution’s deals and the activities of Christensen, was arrested by Riverside authorities last week on a charge of passing a bad check for $11,000 to a Riverside travel agency for numerous trips in the West and overseas.
Caldwell had been released from prison last Feb. 24 after serving half of a 5-year prison term for grand theft convictions stemming from a 1983 Orange County real estate fraud involving more than $1 million, parole authorities said.
Because of the felony “non-sufficient funds” check charge and the apparent overseas travel--both of which are alleged parole violations--Caldwell is being held in the Riverside County Jail without bail pending a hearing, which has not been set.
Neither Caldwell nor his attorney could be reached for comment.
Caldwell was arrested as federal regulators, with a court order, collected the records of North America Savings and Christensen from Caldwell’s Commercial Concepts Inc. Caldwell also operates a Central American firm, Beven Co. Panama S.A.
Christensen told state regulators last year that he was trying to liquidate assets in Panama to get some of the $6 million that California was requiring him to put into the S&L; to stem its losses and dwindling capital. The S&L; lost $9 million last year.
Last month, the FBI seized association records and allegedly bogus certificates of deposit in the Westwood motel room of Roy Skluth, who had been convicted of bank fraud in 1983 and is scheduled to begin serving an eight-month jail term next month. Skluth had been sought out by Christensen to help raise capital for North America Savings, according to court documents filed in support of an FBI search warrant request.
Christensen died in a car crash Jan. 16, about 9 1/2 hours before state regulators seized his S&L.;
The Federal Savings and Loan Insurance Corp., the FBI and the state attorney general’s office are conducting probes into the affairs of the S&L;, Christensen and his confidante and business manager, Janet F. McKinzie. The FSLIC already has sued McKinzie. So has Imperial Bank, which alleges fraud by her in obtaining a $2-million loan extension for Christensen. In addition, two of Christensen’s three children sued McKinzie, claiming that her fraud, undue influence, deceit and duress cut them out of their father’s will, trust and a $10-million life insurance policy--all of which name McKinzie as the beneficiary.
