SOUTHERN CALIFORNIA / A news summary : The Local Review / DEVELOPMENTS IN LOS ANGELES COUNTY : 2 Indicted in Scam That Bilked Elderly

Two businessmen were indicted Wednesday on charges of bilking 1,100 elderly investors out of $23 million in an oil-lease telemarketing scam.

Charged in the 13-count federal indictment were Thomas A. Gans, 38, and Don Tullio Morandini, 35, operators of Long Beach-based Pacific Coast Financial Securities, Beacon Energy Inc. and Beacon Acquisition Corp.

Gans and Morandini, who are also defendants in separate civil suits, sold interests in 29 limited partnerships between 1992 and 1995, the indictment said.

Each defendant is charged with 11 counts of mail fraud and three counts of money laundering.