John L. Molinaro, former chairman of Ramona...

John L. Molinaro, former chairman of Ramona Savings & Loan, has been charged with criminal fraud in a federal complaint alleging that he indirectly and illegally received $6.4 million that had been loaned by the Orange-based S&L; in early 1986. Molinaro is expected to be arraigned in federal court in Los Angeles on Monday. More than 40 S&Ls; have failed in the state in the past six years, and more that half of them were in Los Angeles and Orange counties. Regulators declared Ramona insolvent Sept. 12, 1986, closed it and transferred its assets to a newly chartered institution called Ramona Federal Savings.