Equity Funding Scandal Raises Wide Fraud Concerns
The Equity Funding Corp. of America crisis widens with California Insurance Department findings of phantom life policies totaling billions in face value. Investigators probe two main fronts: California operations and New York trading while exchanges pursue disciplinary actions against analysts and firms involved.
MENTIONED IN THIS ARTICLE
Chet Currie
New York
Crmsis
Equiy Funding Corp. of America
Beverly Hills
Cali
California Insurance Department
Wal
Barry Fearing
Bertram
California
James J. Needham
New York Stock Exchange
Exchange
Bey
Issus
Iss
Equity Funding
Wells Fargo blocked from keeping $2.8 million in Equity funds
Wells Fargo and three other banks seized more than $12 million from Equity Funding deposits in April before the company declared bankruptcy. Judge Pregerson ruled the seizure invalid, affecting claims of First National City Bank Franklin National Bank and National Bank of North America as Equity faces SEC charges of massive fraud. The ruling covers only Wells Fargo as the only bank seeking relief.
MENTIONED IN THIS ARTICLE
Exchanger Group
Raymond L. Dirks
SEC
Stock Exchange
Delafield Childs
Fi- Inc
Equity
Exchange
the Exchange
Dirks
Knowlege
Los Angeles
UPD
Wells Fargo Bank
Equity Funding Corp
Q District Court
Vrewerson
Lqunty
Equity Funding
First National City Bank
Franklin National Bank
the National Bank of North America
New York
Pregerson
The
Securities & Exchange Commission
Wells Fargo
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Billie Sol Estes
Needham
Bill Larmer
Texas Ave
Thanford Agency
Frigidaire
Jobe’s
Jobe