WOODLAND HILLS : Grand Jury Indicts 3 in Loan Scam
A federal grand jury indicted three men Tuesday for allegedly bilking more than 1,000 loan applicants of hundreds of thousands of dollars from their San Fernando Valley and Orange County offices, said officials at the U.S. district attorney’s office.
Frank Shamoo, 23, Carl Shamoo, 25, and Joseph Anthony Ginel, 32, were charged with 32 counts of mail fraud for allegedly operating bogus loan businesses in Reseda, Huntington Beach and Woodland Hills from May, 1991, to July, 1992, Assistant U. S. Atty. Ellyn Marcus Lindsay said. The Shamoo brothers also were charged with 15 counts of money laundering, she said.
According to a 46-count indictment, the men nationally advertised a toll-free telephone number to offer debt consolidation loans of up to $500,000. Applicants were directed to send in “insurance” or “processing” fees ranging from $219 to $590 to receive their loans, Lindsay said.
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