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Founder of Quits Amid U.S. Probe; Financial services: He is not charged with any wrongdoing. Three top managers accused of seeking kickbacks are indicted.
[Home Edition]
Los Angeles Times - Los Angeles, Calif.
Subjects: Commercial banking services
Author: Sanders, Edmund
Date: May 2, 2000
Start Page: 1
Section: Business; PART- C; PART-; Financial Desk
Abstract (Document Summary)

The founder and TV pitchman for mortgage lending leader abruptly resigned Monday after three of his top managers were indicted for allegedly trying to extort kickbacks from a Pittsburgh real estate services firm.

A spokesman for, a unit of General Motors Corp., said [J. Paul] Reddam voluntarily resigned. He declined to comment on whether the departure of Reddam, who was chief executive, was related to the ongoing federal probe, which is being led by the U.S. attorney in Pennsylvania.

On Monday, agents for the Federal Bureau of Investigation raided's headquarters in Costa Mesa and arrested two managers, Gregory Kenneth DeLong, 41, and Vincent Pozzuoli, 36, both of Newport Beach. A third manager, Jay David Marx, 36, of San Juan Capistrano, was expected to be arrested Monday night, said a U.S. attorney spokesman, Thom Mrozek.

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