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Simon & Co. Investment Firm Guilty of Fraud ... $65 million with $22 million punitive
NBC3.com | 7/31/02

Posted on 07/31/2002 6:12:46 PM PDT by NormsRevenge

Just saw this on NBC3 in San Jose. Fraud suit in Los Angeles has resultd in a Guilty verdict against the Simon family owned investment firm that was sued by an investor. 65 million awarded plus 22 million punitive.

I guess they didn't get an OJ jury.

Nothing follows Yet!


TOPICS: Front Page News; Government; News/Current Events; Politics/Elections; US: California
KEYWORDS: calgov2002; knife; simon
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1 posted on 07/31/2002 6:12:46 PM PDT by NormsRevenge
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To: NormsRevenge
GrayDown smear of Bill Simon as a corrupt businessman by association. It's a terrible time to run as a free market champion.
2 posted on 07/31/2002 6:16:23 PM PDT by goldstategop
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To: NormsRevenge
Simon is on Hugh Hewitt (KRLA 870 LA)right nnow discussing this.
3 posted on 07/31/2002 6:20:05 PM PDT by gubamyster
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To: gubamyster
What's he saying?
4 posted on 07/31/2002 6:21:44 PM PDT by RightOnTheLeftCoast
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To: gubamyster
nnow = now
5 posted on 07/31/2002 6:21:55 PM PDT by gubamyster
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To: NormsRevenge
Strange.

We haven't heard anything about this case, which is hard to understand given Davis' proclivity to personal attacks. Nothing on the NBC3 site or the LA Times site about it. Are they sure it's even the same 'Simon?'

6 posted on 07/31/2002 6:24:13 PM PDT by Looking for Diogenes
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To: Looking for Diogenes
Makes you wonder if it was his family firm.
7 posted on 07/31/2002 6:26:38 PM PDT by goldstategop
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To: gubamyster
Thanks for the head up ... Im listening on the internet.

Join Us, Folks, KRLA 870 LA. Bill is talking now about what else can Davi$ do but attack, He can;t run on his own accomplishments. GO BILL!!! FREERepublic mention. If he can slug his way thru this now, He will do just fine in the debates.
8 posted on 07/31/2002 6:27:40 PM PDT by NormsRevenge
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To: RightOnTheLeftCoast
He has moved on to blastin Davis.

I tuned in late & didn't catch it all. But... As for the lawsuit he said that a company that Simon & Co invested in had hired a CEO (I think). Bill Simon was not on the board. The employee did not disclose that he was previously convicted of drug running. He did not disclose this to the company. When the company found out the employee was a drug runner the company fired him & then the employee turned around & filed a wrongful termination suit.

Bill Simon said he, obviously did not agree w/ the outcome & he believes it will be overturned. I believe he said there would be a review next week.


Right now Hugh mentioned this posting & asked Simon to repeat.

Simon just mentioned the poll showing Simon up by 1 point.

He's done.
9 posted on 07/31/2002 6:29:22 PM PDT by gubamyster
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To: NormsRevenge
Here's a list of Davis' Mega donors (with the amounts)

CCPOA PAC, Sacramento, $251,000

SEIU PEA International, Washington DC, $250,000

Laborer's Political League, Washington DC, $250,000

Democratic Governor's Association, Wash DC, $200,000

Democratic Governor's Association, Wash DC, $200,000

IBEW Educational Committee, Wash DC, $150,000

CA State Pipe Trades Council PAC, Sacramento, $150,000

CA State Council of Laborers PAC, Sacramento, $150,000

SEIU PEA International, Wash DC, $150,000

Stanford Financial Group Co., Houston TX, $100,000

Auburn Manor Holding Corp, Rocklin CA, $100,000

AKT Development Corporation, Sacramento, $100,000

SEIU PEA Internationa, Wash DC, $100,000

American Federation of State, County, Municipal Employees, Wash DC, $100,000

Girardi and Keese, Los Angeles, $100,000

Eli Broad, Los Angeles, $100,000

Reed Hastings, Santa Cruz, $100,000

Robinson, Calcagnie & Robinson, Inc., Newport Beach, $100,000

Reed Hastings, Santa Cruz, $100,000

Greene, Broillet, Taylor, Wheeler & Panish, Santa Monica, $100,000

Stephen Bing, Los Angeles, $100,000

Emergency Medical PAC, Sacramento, $100,000

Casden Properties, Beverly Hills, $100,000

Jerry Perenchio, Los Angeles, $100,000

Law Offices of Robinson, Calcagnie & Robinson, Inc, Newport Beach, $100,000

Cause 1M Governor's Fund, Sacramento, $100,000

Martin J. Wygod, Rancho Santa Fe, $100,000

State Building & Construction Trades Council of California, Sacramento, $100,000

Stephen L. Bing, Los Angeles, $100,000

Casden Properties, Beverly Hills, $100,000

IBPAT PAC, Washington DC, $100,000

Steve Beneto, Jr., West Sacramento, $100,000

Tip Educational Fund- Here International Union, Washington DC, $100,000

AFSCME PAC, Washington DC, $100,000

Stephen L. Bing, Los Angeles, $100,000

Jerry Perenchio, Los Angeles, $100,000

Fox Group, Los Angeles, $100,000

Pacific Hospital, Long Beach, $80,000

Operating Engeineers Local $3 Statewide PAC, Alameda, $75,000

Tutor-Saliba Corp., Sylmar, $75,000

CA Cable Television Association, Oakland, $75,000

Intenrational Association of Fire Fighters, Washington DC, $75,000

West Coast Surgery Center Management Inc., Long Beach, $70,000

Rumsey Indian Rancheria, Brooks, $65,000

AMGEN, Thousand Oaks, $65,000

Operating Engineers Local #3 Statewide PAC, Alameda, $60,000

Operating Engineers Local #3 Statewide PAC, Alameda, $60,000 (editor's note: this is not a typo. it's in the database twice)

Haim Saban, non-monetary gift of $52,693

Bicycle Club Casino, Bell Gardens, $50,000

Yucaipa Companies, LLC, Los Angeles, $50,000


[ Report Abuse | Bookmark ]

Other interesting contributors

MBNA Corporation Federal PAC, $50,000

Walt Disney Company $50,000

Microsoft Corporation, $22,500 (ed. note: Split into two different contributions that I see)

Avis, Virginia Beach, $25,000

Worldcom, Arlington VA, $10,000

America On Line, $10,000

Bernard Schwartz, $10,000

Blue Cross of California, $2500, $5000, $5000, $5000, $5000, $10,000, $20,000

Blue Shield of California, $2500, $5000, $5000, $5000, $5000, $5,000, $10,000

BP AMOCO, $5000, $25000, $25000, $25000

Budget Rent-A-Car of So. Cal. (ed. note: Aren't they also filed for bankruptcy protection?), $1000

CIGNA Healthcare of California, Inc., Glendale, $1,000, $5000, $6000, $10,000, $10,000, $15,000, $20,000

Citigroup, New York, $500, $1650, $2398.82, $3114, $10,000, $15,000, $50,000

anyways, that's probably enough for tonight.

Agua Caliente Band of Cahuilla Indians $50,000

Haim Saban (monetary gift), $50,000

TOTAL OUT OF STATE CONTRIBUTIONS= $5,897.057.36

10 posted on 07/31/2002 6:29:23 PM PDT by bonesmccoy
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To: Looking for Diogenes
YES , same company. Family Owned.

This is not a big deal, quite frankly.
11 posted on 07/31/2002 6:29:36 PM PDT by NormsRevenge
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To: gubamyster
Hugh said twice that he was talking to "The Next Gov. of CA!"
12 posted on 07/31/2002 6:30:46 PM PDT by gubamyster
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To: gubamyster
Waves at Hugh .. :-)


I saw this story on the 5 PM NBC3 news, and could find nothing over the wire about this case.

Just because things that look bad get posted doesn't mean it IS bad.
13 posted on 07/31/2002 6:32:38 PM PDT by NormsRevenge
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To: gubamyster
I think Hugh Hewitt's right if that's the radio host Simon's talking to!
14 posted on 07/31/2002 6:33:33 PM PDT by goldstategop
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To: NormsRevenge
I agree. All GrayDown can do is get down and dirty. He can't run a positive campaign cause he can't tout any accomplishments in his four years in office that he can run for reelection on.
15 posted on 07/31/2002 6:34:51 PM PDT by goldstategop
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To: bonesmccoy
Bernard Schwartz, $10,000
I've heard that name before.

BP AMOCO, $5000, $25000, $25000, $25000
Didn't Davis rip on the oil people???

16 posted on 07/31/2002 6:36:43 PM PDT by Dan from Michigan
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To: Dan from Michigan
Yeah... That's the guy who was heading Loral... the company which was guilty of illegal nuclear technology transfers to the communist chinese!
17 posted on 07/31/2002 6:41:01 PM PDT by bonesmccoy
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To: gubamyster
The suit was filed by a very shady character named Paul Hindelang, who claims that the Simon and Co. investment group tried to trick him by investing in his company, then taking it public. Some trick. Anyway, turns out that this Hindelang character was not exactly forthcoming about his background while taking the Simon and Co. money, and anyway, Bill Simon was not named as a party to the suit, and has been on a leave of absence from the firm for quite a while. Here's what the campaign has to say about it (sounds credible to me):

The Court Decision Is Fundamentally Flawed - The decision is fundamentally flawed and it is expected that the judge will set aside this judgment or it will be overturned on appeal.

Former Pacific Coin Executive Ed Hindelang Is A Convicted Drug Trafficker - When the company first invested in Pacific Coin, it engaged a number of independent consultants to conduct due diligence on the company. It was later discovered that Hindelang concealed facts about his background and was actually a convicted drug felon who had drug proceeds that were later forfeited to the federal government.

Hindelang Was Suspended As Soon As His Criminal Activities Were Known - The company immediately suspended him in December 1998; a thorough investigation confirmed his background as a drug dealer, which resulted in his termination in May 1999.

As an Assistant U.S. Attorney, Bill Simon Fought To Keep Drug Dealers Off the Street - When Bill Simon was a federal prosecutor, he fought to keep drug kingpins off our streets through asset forfeiture and enforcement of our criminal laws, and he certainly is intent on keeping them out of any businesses in which he’s involved.

Hindelang Is Exactly the Type of Criminal Simon Used to Pursue - Hindelang has admitted he was simultaneously negotiating his asset forfeiture at the same time he was negotiating to sell a partnership interest in Pacific Coin. Ed Hindelang, the individual involved in this lawsuit, is precisely the kind of criminal Simon used to pursue.

18 posted on 07/31/2002 6:43:12 PM PDT by absalom01
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To: goldstategop
And, for some us physicians, we haven't yet begun to unleash the real facts on Davis' lackluster oversight of the insurance fraud being committed in the "golden" state! Did you see that list of health insurance company donations?
19 posted on 07/31/2002 6:43:13 PM PDT by bonesmccoy
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To: NormsRevenge
Yup ... Simon has nerves of steel, Davi$ has nerves of jello ...

Who Better to Lead... He has been more battle tested in the last few months then GraYouT ever was in his tour in 'Nam ... IMO
DUMP DAVI$ & the Den of Socialists



GO SIMON

20 posted on 07/31/2002 6:44:04 PM PDT by NormsRevenge
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