Local News in Brief : Banker Is Denied Bail
A San Fernando Valley investment banker and church leader suspected of defrauding investors out of $3 million must remain in federal prison while he awaits trial, a federal judge ruled Monday.
During a brief bail hearing in U.S. District Court downtown, Judge A. Andrew Hauk said 74-year-old O. Monroe Marlowe--extradited from West Germany on Nov. 20--posed a flight risk.
Marlowe, who helped found the Valley State Bank of Encino and First Citizens Bank of Sherman Oaks, was indicted on 30 counts of mail fraud involving allegedly phony real estate loans and bogus investments in operations ranging from windmills to fig orchards.
Asst. U.S. Atty. David Katz said that Marlowe was under investigation by federal authorities when he fled his Van Nuys home a year ago. Katz said Marlowe traveled to Oregon, New Zealand, Australia, Singapore, France, Portugal and Spain before West German authorities arrested him in Frankfurt while he met his visiting daughter at the airport on July 1.