Pasadena Man Charged With Investor Fraud

A 37-year-old Pasadena man was arrested Friday for allegedly defrauding at least 15 people, including Boston Celtics basketball player Danny Ainge, out of a total of $250,000.

Charles Mark White, described by police as a “career criminal,” was charged with 49 felony counts stemming from a scam in which White “borrowed” money to finance bogus business operations, promising repayment with 25% interest within two years and a time-share interest in an Acapulco villa.

Also charged in the scheme was Mark Randall Hubbard, 31, of Granada Hills.

Deputy Dist. Atty. Frederick G. Stewart of the Los Angeles County district attorney’s major fraud division said the loss could climb to as much as $1 million and could involve 25 victims over a three-year period beginning in late 1983. He said several of White’s investors had obtained civil judgments against him and then complained to Pasadena police and other agencies when he still failed to repay them.

Ainge, his attorney and his business manager had each invested $15,000 with White.

Stewart said White was convicted of 10 counts of bank larceny in a federal court in Utah in 1984 but was released on probation. He said White was not engaged in any bona fide business ventures, but simply appropriated others’ money for his own use.

The criminal complaint charges White and Hubbard with grand theft, sale of unqualified securities and sale of securities by means of false pretenses and tax evasion. If convicted, White fac1702043765Hubbard are being held in jail in lieu of $400,000 and $50,000 bail, respectively, pending arraignment Monday in Pasadena Municipal Court.