Local News in Brief : Man Guilty of Credit Fraud

A San Fernando Valley businessman was convicted Friday in federal court of running a scheme that bilked merchants out of more than $8 million using bogus credit and planned bankruptcies.

George Scordel, 54, who has home addresses in Woodland Hills and Pasadena, was convicted on 45 counts of conspiracy, mail and wire fraud, interstate transportation of stolen goods, obstruction of justice and perjury.

Scordel, portrayed in the 2-month trial as the leader of a fraud scheme that resulted in more than 60 charges against 22 people, was acquitted on two counts after a week of jury deliberation. He faces sentencing April 18.

Testimony showed that Scordel set up at least nine corporations in Hollywood and the Valley between 1981 and 1986 and ordered goods--ranging from paper bags and gold jewelry to microwave ovens--from manufacturers and wholesalers, operating as much as possible on credit.

Once the companies had the merchandise, they sold it cheaply for immediate cash or hid it in warehouses to conceal it from creditors.