OTHER NEWS

From Times Staff and Wire Reports

Tri-State Financial Charged With Defrauding Investors: The Los Angeles County district attorney charged six Southern California business people with defrauding more than 400 investors of $25 million in a deal involving commercial real estate investments. The district attorney and the California Department of Corporations began investigating Tri-State Financial Group in 1991 after investors complained that they had not received interest payments from Tri-State limited real estate partnerships and promissory notes. Investigators claim Tri-State officials violated state securities laws by, among other things, misrepresenting the value of securities and failing to submit them to state officials for review.

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