Advertisement

Trio Ordered to Pay $22 Million: A...

From Times Staff and Wire Reports

Trio Ordered to Pay $22 Million: A financier and two former associates have been ordered in to pay $22 million for a fraudulent real estate deal that banking regulators said led to the collapse of Salt Lake City-based State Savings Assn. J. William Oldenburg, former owner of the defunct L.A. Express football team, was also ordered to pay $13.7 million lost from loans the defendant arranged for companies he owned soon after acquiring State Savings. Oldenburg and board members Martin Mandel and Charles Burgardt committed fraud in the 1984 purchase of a 363-acre real estate tract in Richmond, Calif., for $26.5 million, when the fair market value of the property was about $4.1 million, U.S. District Judge David K. Winder ruled. They were ordered to pay the $22-million difference.


Advertisement