BANKING & FINANCE - July 25, 1991
From Times Staff and Wire Reports
FSG Financial Shuts Down Amid Fraud Charges: U.S. District Judge James M. Ideman appointed a temporary receiver for FSG Financial Services and froze the assets of the Beverly Hills firm. Ideman also issued a temporary restraining order prohibiting FSG, its president, Joan S. Kantor, and the company’s agents from violating securities laws. The Los Angeles regional office of the Securities and Exchange Commission has charged that FSG sold at least $250,000 in securities that were represented as municipal bonds. However, such bonds do not exist, the complaint alleges.
