9 Are Indicted in Collapse of Irvine Thrift

A federal grand jury in Los Angeles on Thursday issued a 31-count indictment against Robert A. Ferrante, the former owner of Consolidated Savings Bank, and eight others stemming from the 1986 collapse of the Irvine-based thrift.

Ferrante, 41, of Newport Beach was charged with wire and mail fraud stemming from two transactions in which he allegedly made insider loans to family and friends and to companies and development projects in which he had an interest.

The indictment is the result of a nearly five-year investigation of Ferrante and his associates, who included an Anaheim businessman convicted of political corruption and an Oklahoma loan syndicator previously convicted of bank fraud and suspected of mob ties.

The case is one of the FBI’s 100 priority cases of thrift fraud. The failure of Consolidated is expected to cost taxpayers $30 million.

Besides Ferrante, four other Consolidated insiders were indicted: Ottavio A. Angotti, 54, of La Habra, former chairman, chief executive and president; Lee Bartholomew, 59, of Corona Del Mar, the thrift’s lawyer; Raymond Lloyd Arthun, 42, of Tustin, a former director and treasurer, and Eric Bronk, 44, of Corona Del Mar, a lawyer.

Also indicted were: Peter A. Sardagna, 47, of Laguna Hills; William E. Crowder, 42, of Covina; Sigmund Kohnen, 43, of Las Vegas, and James C. Allee, 36 of Long Beach.