Posts Tagged Steven Sugarman

Steven Sugarman, son of Fullerton School District Board President Hilda Sugarman and the son of the president of the St. Jude Heritage Medical Association, Fullerton Doctor Michael Sugarman was fired on January 23, 2017 from his CEO position of the Banc of California. WE HAVE ALSO LEARNED THAT HE IS ALSO BEING INVESTIGATED BY THE SEC FOR VARIOUS ACTIVITIES HE CONDUCTED AT THE BANK. BY BARRY LEVINSON

Posted by Joe Imbriano in Fullerton politics, FULLERTON PRAVDA on April 29, 2017

Barry Levinson

The power structure in the City of Fullerton is as tight as a snare drum.  But what seems to be very clear is that greed for more and more money maybe the motivation for at least dubious and potentially criminal acts by Steven Sugarman. We know it was serious enough apparently to get him removed as CEO of Banc of California.

One of the activities being investigated accorded to the Los Angeles Times is an alleged serious conflict of interest deal between Banc of California and a new soccer stadium wherein the bank pays the owners $100 million for the naming rights to the stadium over 15 years.  A new stadium and a new league that has yet to play one game gets this amount of money seem very suspicious on the surface.

 

The Los Angeles Times did dig deeper and apparently so did the SEC because the part owner of this new Major League Soccer franchise is none other that Jason Sugarman, Steven Sugarman’s brother.  This appears to be an extremely serious conflict of interest that a stadium that has not yet been built and a team and a league that has not yet played even one game would garner such a huge some of money upfront.   Naming rights for even established teams and leagues for football, basketball or baseball stadiums has been controversial in the past.  The reason is that it is hard to financially quantify the benefit for any corporation to spend 10’s of millions of dollars on naming rights.

The article goes on to state that there are other deals that supposedly the SEC is looking into concerning the bank but does expound on those other deals.

 

Below is the April 29,2017 article reprinted from the Los Angeles Times by James Rufus Koren as follows:

http://www.latimes.com/business/la-fi-banc-ceo-20170428-story.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+latimes%2Fbusiness+%28L.A.+Times+-+Business%29

 

HILDA SUGARMAN-FSD BOARD PRESIDENT

 

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