OTHER NEWS - March 3, 1995

Fraud Indictment Unsealed: Two former executives of a Glendora-based company that owned 25 car dealerships have been charged with defrauding lenders of about $70 million, federal prosecutors announced. Named in the indictment are Eminiano Reodica Jr., 50, the former president and chief executive of the Grand Wilshire Group, and Danilo DeCastro, 48, the group’s former inventory manager. The two men are accused of using several schemes to defraud banks and savings and loan associations that had extended credit lines worth $300 million. Reodica and DeCastro disappeared in July, 1988, when Grand Wilshire’s business practices were first investigated. Authorities believe the two men, who are Filipino citizens, may have fled to the Philippines.