PinnLeasing USA---Tommy Larsen—Up-Date

 
The court action against Pinn Fund resulted in the conviction
of its president Michael Fanghella.

Prosecutors gained his help when he pleaded guilty in March 2002 to several federal charges. Fanghella agreed to help investigators in hopes of reducing his possible 14-year prison sentence. Others involved have been prosecuted
with some money being returned and others getting jail time.

PinnFund was a classic pyramid scheme, prosecutors allege. Investors were told that their money was being used to finance mortgage loans. But instead, it was being used to cover PinnFund's massive losses, pay for Fanghella's lavish lifestyle and to give investors a promised 17 percent monthly return.

Fanghella's lifestyle grabbed most of the headlines. Using investor money, he purchased homes in Rancho Santa Fe, bought a yacht and paid $100,000 for dinners and wine at 5-star restaurants. He also gave more than $10 million in gifts to an ex-girlfriend, who at one time had been a porn star.

Fanghella disappeared after the SEC filed its lawsuit. He turned himself over to authorities in August 2001 and has been behind bars since.

Tommy Larsen, president of a PinnFund subsidiary called PinnLease; and Larsen's son Kim Larsen, who also was involved in PinnLease, await a jury trial scheduled for March 16,2004 before Judge Marilyn Huff in San Diego, California

Tommy Larsen, 55, faces a 23-count indictment that includes charges of conspiracy to commit mail and wire fraud, conspiracy to commit money laundering, perjury, subornation of perjury, obstruction of justice and tax evasion.

Kim Larsen, 34, faces charges of mail fraud, wire fraud and conspiracy to commit money laundering.

Jury trial set for 9:00 3/16/04 for Tommy A Larsen, for Kim A Larsen before Judge Marilyn Huff;
 
“U.S. District Court
Southern District of California (San Diego)
CRIMINAL DOCKET FOR CASE #: 03-CR-271-ALL
USA v. Larsen, et al
Filed: 01/30/03
Dkt# in other court: None
 “Case Assigned to: Judge Marilyn L. Huff

“Pending Counts: 
“18:1341, 18:1343 and 18:371 -
Conspiracy to Commit Mail and|
Wire Fraud
(1)
 
“18:1341 - Mail Fraud
(2 - 8)
 
“18:1343 - Wire Fraud
(9 - 13)
 
“18:1956h; 18:982 - Conspiracy
to Commit Money Laundering;
Criminal Forfeiture
(14)
 
“Offense Level (opening): 4”

There are also other charges as evidenced in the following motions:

“Enter Order by Judge Marilyn L. Huff; motion hrg
                 held (1 &2); granting as to counts 16-2; court denies motion
                 to sever as to dfts without prejudice [43-1], granting
                 motion for joinder in motion for a bill of particulars
                 [41-1], motion to dismiss perjury counts [41-2], motion to
                 dismiss for multiplicity [41-3], motion to sever [41-4],
                 motion for service [41-5], motion for discovery [41-6],
                 motion to exclude evidence of prior or subsequent bad acts
                 [39-1], motion for discovery [14-1] [43-2] as to Kim A
                 Larsen; denying motion for a bill of particulars [41-1],
                 denying motion to dismiss perjury counts [41-2], denying
                 motion to dismiss for multiplicity [41-3], granting as to
                 counts 16-2; court denies motion to sever as to dfts without
                 prejudice [41-4], finding the motion for service [41-5] moot
                  oral motion to modify pretrial release conditions to allow
                 dft to travel to Palm Desert, CA from 10/25/03 to 10/28/03
                 granted; Motion in limine hearing set for 9:00 3/15/04 for
                 Tommy A Larsen, for Kim A Larsen before Judge Marilyn Huff,
                 motions due to be filed 3 weeks before motions in limine hrg
                  opposition due 2 weeks before motions in limine hrg; jury
                 trial set for 9:00 3/16/04 for Tommy A Larsen, for Kim A
                 Larsen before Judge Marilyn Huff; remaining motions
                 continued to motions in limine hrg ; Court Reporter: Nancy
                 Cablay (ksr) [Entry date 10/01/03] [Edit date 10/01/03]

10/20/03 51 ORDER by Judge Marilyn L. Huff as to defendant Tommy A Larsen granting application for bond modification [49-1]; dft is allowed to travel from 10/27/03 to 11/6/03 to Nevada, Utah and Colorado. (ksr) [Entry date 10/20/03]”

For readers not familar with the Pinn Fund scandal, please go here:

http://www.leasingnews.org/Conscious-Top%20Stories/Pinn_fund_lease.htm