Judge Refuses to Delay Ramos Trial

A U.S. District judge Thursday rejected a bid for a delay in the case of former Orange real estate financier Gerald Ramos, ruling the $21-million fraud trial will start on May 10 as previously ordered.

Ramos, 33, was a fugitive for a year after he was indicted on a 33-count federal grand jury mail and wire fraud indictment in 1986.

In all, nine businessmen--seven from Orange County--were accused of using fake, inflated appraisals and mortgages backed by worthless guarantee bonds in a scheme to secure $21 million in loans from 25 financial institutions.

One piece of property in Chatsworth was worth slightly more than $1 million but was appraised at $18 million. The group received a $14-million loan on the property.

In that transaction, Ramos was a partner of John Chodak, a Laguna Hills businessman who cooperated with prosecutors in the case. Chodak plead guilty and was sentenced to two years. He is still in custody. Chodak’s name appears on the government’s list of witnesses for the Ramos trail.