Accountant Is New CEO of FundAmerica

FundAmerica’s court-appointed trustee has named a Fountain Valley accountant and financial adviser as chief executive officer of the controversial Irvine marketing firm, replacing Mitch Blumberg.

Theodor Albert, selected last week to run FundAmerica after a power struggle erupted, appointed Chris Reehl on Monday. Reehl is president of Newport Industries Inc., a financial services firm. Albert said Blumberg and Chairman Peter Bradshaw “have been retained by the company as part of the executive committee” but are currently not holding any specific positions.

FundAmerica and its founder Robert T. Edwards face criminal charges in Florida that they masterminded a massive pyramid scheme. Joining with several other states, the California attorney general’s office has concurred that FundAmerica appeared to be a scam. FundAmerica and Edwards have denied the charges against them. Albert is scheduled to meet with representatives of the California attorney general’s office on Wednesday to discuss the company’s legal problems.