Newport Couple Plead Not Guilty to Mail, Wire Fraud

A Newport Beach couple alleged to have engaged in one of the biggest swindles in Southern California history pleaded not guilty Monday to mail and wire fraud charges.

Robert A. Buceta and his wife, Patricia L. Thibault, entered the pleas before U.S. Magistrate John R. Kronenberg.

They are charged with masterminding a complex fraud scheme by which they qualified for more than $70 million in loans while allegedly putting up no collateral. The funds were supposed to be used to buy apartment buildings in four states for conversion to condominiums, but little work was done and the loans quickly went into default.

Federal prosecutors do not know the total losses, sustained by three savings and loans--two of which are in receivership--and a now-defunct Orange County loan broker.

Both Buceta, who appeared in court with a cast on his arm, and his wife declined comment.

Earlier in the day, the pair had appeared to plead for more time in a parallel civil lawsuit. In that case, they have been accused of fraud by the receivers of a Utah savings and loan in connection with two of the same loan packages that form the basis of the criminal indictment.

Thibault asked U.S. District Judge John G. Davies to delay two depositions scheduled for this week in the civil case, claiming that the criminal charges have interfered with the couple’s ability to prepare their defense.

Davies granted her request. He suggested to lawyers that the case may not get to trial before next fall, although it was originally scheduled for May.