Two former executives of a seized S&L; were sued.
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Less than a week after seizing American Diversified Savings Bank of Costa Mesa, federal regulators filed a $76.6-million lawsuit against Ranbir Sahni, American Diversified’s controversial majority owner and former chairman, and Lester Day, the S&L;’s former president, alleging the two committed various acts of fraud and racketeering while officers of the failed S&L.; The Federal Savings and Loan Insurance Corp. also has obtained a temporary restraining order freezing Sahni’s personal assets pending a jury trial on the suit, filed in U.S. District Court in Los Angeles.
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