FundAmerica Files for Bankruptcy Protection: The Irvine-based...
From Times Staff and Wire Reports
FundAmerica Files for Bankruptcy Protection: The Irvine-based buying club accused of being a pyramid scheme asked the court to name an independent examiner to investigate allegations against it. The company is besieged by regulators in Florida and other states and is the subject of a $150-million class-action suit in San Francisco. Its bankruptcy filing in Santa Ana, which was expected, listed assets of $17.5 million and liabilities of $14.5 million. FundAmerica has about 100,000 members.
