Former Banker’s Assets Frozen
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A federal judge in Los Angeles has frozen the assets of former Anaheim banker Gerald Garner and his wife, Joan, limiting them to $6,000 a month in living expenses. U.S. District Judge George H. King found that regulators are “likely to prevail” in their $10-million lawsuit against the Newport Beach couple over the 1993 failure of American Commerce National Bank. The Federal Deposit Insurance Corp. also has a separate lawsuit pending against the Garners to collect $3.7 million in loans. The bank’s failure drew attention because it was the first time regulators had used a 1991 law allowing them to seize a healthy institution. The FBI is also conducting an investigation into possible bank fraud and embezzlement. The Garners have denied any wrongdoing.
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