BANKING & FINANCE

Times Staff and Wire Reports

Gary Naiman Sentenced to Prison: Naiman, president of failed Pioneer Mortgage and related investment companies in San Diego, was sentenced to 6 1/2 years in prison by U.S. District Judge Rudi M. Brewster in San Diego for defrauding about 2,500 investors. Naiman pleaded guilty last October to a wide-ranging scheme to defraud Pioneer investors and others through illegal acts, including misrepresentation and money laundering. Investors lost more than $250 million with Naiman. They thought they were acquiring sound investments secured by real estate when in fact Naiman was using new funds to pay previous Pioneer obligations.

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