Ferrante has a history of run-ins with federal authorities, dating to the 1980s when he briefly owned a savings and loan in Irvine. He founded Consolidated Savings Bank in 1984 during a period of rapid growth in the thrift industry, which imploded a few years later when hundreds of the institutionsfailed nationwide. Regulators declared Consolidated insolvent and seized it in 1986, then sued Ferrante, accusing him of fraud. He settled, buta federal grand jury later charged him and a handful of associates with criminal fraud, alleging Ferrante and others had improperly funneled large loans to a fireworks company he controlled. Securities and Exchange Commission . The SEC alleges... Instead of using Chinese investors cash to open coffee shops, assisted living facilities and other businesses, an Orange County attorney spent millions on a yacht and other personal expenses, according to a civil fraud suit filed Tuesday by the Securities and Exchange Commission .
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