BANKING & FINANCE - Jan. 16, 1992
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First Civil Lawsuits Filed in Wymer Case: The cities of Loma Linda and La Quinta have filed lawsuits against Newport Beach investment adviser Steven D. Wymer to try to recover about $16.8 million in allegedly misappropriated funds, the cities’ attorney said. The civil claims are the first from 10 California cities that lost a total of about $45 million they had entrusted to Wymer for what they believed would be low-risk investments in U.S. government securities. Wymer is charged with 30 counts of securities fraud, money laundering and other federal crimes in the alleged disappearance of $113 million.
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