O.C. Company Fraud Victim, SEC Charges

COSTA MESA — The Securities and Exchange Commission filed a lawsuit Thursday alleging that a firm headed by former San Diego Padres pitcher John F. D’Acquisto defrauded a Costa Mesa company and two other investors out of millions of dollars.

The lawsuit filed in U.S. District Court in Los Angeles alleges that D’Acquisto Financial Group Inc. of San Diego and other defendants guaranteed investors returns of 5% to 7% a week. When those earnings did not materialize, investors were told they could not get their money back, according to the suit. D’Acquisto Financial Group is operated by D’Acquisto and his wife. Other defendants include Doubleday Trust, a California securities firm, and Thomas F. Goodman, 52, a San Diego attorney for Doubleday.

The defendants raised $7 million from the three investors, including Corvina Holdings Inc. of Costa Mesa. Corvina lost $200,000, according to the suit. The other investors were a West Indies firm, Kensington Trust Ltd., which lost $4.8 million, and Alliance Holdings Ltd., based in Gibraltar, which lost $2 million, the SEC said.

D’Acquisto, 44, allegedly used some of the funds to buy three race horses, vacant land in Mexico and an interest in a Mexican minor league baseball team. He could not be reached for comment.