Consolidated Owner Must Answer Queries

A judge Monday ordered Robert A. Ferrante to answer questions posed by lawyers for the federal agency that took over and closed Consolidated Savings Bank, the Irvine financial institution he owned.

Ferrante has claimed that he will assert his Fifth Amendment right against self-incrimination in response to any questions because of an ongoing federal grand jury investigation into Consolidated, according to court papers.

U.S. District Judge Mariana R. Pfaelzer issued the order. Lawyers for the Federal Savings and Loan Insurance Corp. have 45 days in which to schedule a question-and-answer session with Ferrante.

The ruling came in a FSLIC civil lawsuit that claims Ferrante should be required to repay $48 million because of a number of alleged improprieties in the bank’s operations.

Ferrante’s lawyers had complained that he might be forced to incriminate himself in answering questions in the non-criminal lawsuit.

FSLIC lawyers have won the right to seize $1.8 million in Ferrante assets. On Monday, Pfaelzer ordered the seizure of several corporations that Ferrante allegedly controls to help make up that total.