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Indictment of 22 over Equity Funding fraud scheme
A federal grand jury in Los Angeles charged three Equity Funding Corp executives and nineteen others with securities and mail fraud among other counts in a massive phon e policy scheme. The defendants allegedly created fake policies to inflate earnings and boost Equity Funding Life Insurance stock, with one program valued at about 430 million in face value and 5.5 million in annual premiums. Bond amounts ranged from 5 000 to 25 000 and several defendants surrendered late Thursday. The Chicago case mirrored the same charges against the 22 individuals.
MENTIONED IN THIS ARTICLE
Equity Funding Corp. of America
Los Angeles
Jon
Equity Funding
Equity Funding Life Insurance Co
Stanley Goldblum
Beverly Hills
Fred Levin
Malibu
Samuel Lowell
Pacific Palisares
Securities and Exchange Commission
U.S. Marshal's Office
Levin m
Michael “E
Lester Michael Kelter
Canoga Park
Jerome E. Evans
Michael E. Sultan
Beverly Thills
Janis Cyrus Smith, Jr
Marine del Rey
Artur Stanley Lewis
Toluca Lake
David Jack Cape
Sherman Oaks
Lloyd Douglas Edens
Santa Monica
Lawrence Grey Collins
Simi
James Howard Banks
Encino
Willam Mercado
Northridge
Donald McClellan
William Edward Symonds
Mar Vista
Lester Keller
Alan Lewis Green
Marvin al Lichtig
Woodland Hills
Gary Stanley Beckerman