Phony RTC Employee Admits $300,000 Fraud

The Federal Deposit Insurance Corp. has won a legal victory against a man who impersonated a Resolution Trust Corp. employee.

Carl McGuire pleaded guilty in U.S. District Court in Los Angeles to defrauding at least a dozen people of more than $300,000, the FDIC said Monday.

The agency's Office of Inspector General found that during 1995 and 1996, Mr. McGuire told his victims he was an RTC employee with authority to sell real estate acquired from failed thrifts.

Mr. McGuire's victims paid him, believing they were engaging in legitimate sales transactions with the RTC. The agency wrapped up its work Dec. 31, 1995, turning over pending cases to the FDIC.

Mr. McGuire entered into the plea agreement Sept. 17 in lieu of a trial. He is scheduled to be sentenced on Dec. 1 and faces a maximum of five years in jail and a fine that has not yet been determined, according to Patrick I. Noble, the FDIC's acting assistant inspector general for investigations.