A Los Angeles-based Thrift Closed: First Network...
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From Times Staff and Wire Reports
A Los Angeles-based Thrift Closed: First Network Savings Bank, a thrift with eight branches and $515 million in assets that had been operating under government control, was closed Friday after federal regulators were unable to find an acceptable buyer. The thrift and its former owner, Los Angeles businessman Carl M. Rheuban, are under investigation by the FBI for alleged fraud. Court papers and a state auditor’s report contend that Rheuban used First Network’s assets to enrich himself.
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