FundAmerica - Additional Facts

Additional Facts

As a matter of public record, by mid-October 1990, in just under 90 days of the State of Florida’s erroneous actions and baseless charges, a federal bankruptcy judge refused to order the removal of the beleaguered company’s current management. “There has been a lack of proof to sustain the appointment of a trustee at this stage of the case,” said U.S. Bankruptcy Judge James N. Barr in Santa Ana. “I have no indications that current management is doing anything illegal or anything that is to the detriment of the estate.” Additionally, Florida was the only state to file criminal charges against the company, and California Attorney General John Van de Kamp stepped forward to assure citizens of his state that he “found that FundAmerica’s business model and membership did not violate any state law.”

And, ironically, the Florida comptroller who was responsible for the false charges being brought against the company and Edwards, would be disgraced in 2003 through an impeachment resolution for accepting campaign cash to overlook problems at failing Florida financial institutions under his direct oversight.