Daily Business Report: August 18, 2026
The state says he stole millions from California seniors. Courts missed warning signs for years
By Bryhonda Lyons | CalMatters
For over six years, a Los Angeles-area fiduciary altered bank statements and fudged court reports to steal more than $6 million from his clients, the California Attorney General’s Office claims, setting up what it called a “Ponzi-style” scheme to rob people who can’t take care of themselves.
In May, state prosecutors filed grand theft charges against Gregory Oveross and his accountant, Faranita L. Corvalan, alleging what would be one of the largest fiduciary thefts in California history. Oveross and Corvalan pleaded not guilty and have been released on bond, awaiting trial.
Prosecutors say Oveross misled his clients and the probate court. But court and other public records reviewed by CalMatters show that court officials and the state Professional Fiduciaries Bureau missed red flags years before Oveross was charged, highlighting our ongoing reporting into the state’s weak oversight of fiduciaries, who have the power to control people’s finances and basic aspects of their lives.
A New Midway Rising Bill Is Coming
by Voice of San Diego
State Sen. Akilah Weber Pierson and other San Diego delegates seem to be doing the things they would do to pull off a “gut-and-amend” maneuver at the state Legislature that would replace a bill with one to help get the Midway Rising project started.
This is separate from SB 958, which ended up only loosely related to Midway Rising. The bill would essentially validate the plans developers and the city are finalizing to both analyze and mitigate the environmental impacts of the thousands of housing units and new arena.
First. we have the scoop in the Sacramento Report here. Also included: How much San Diego’s 10 state lawmakers talk on the legislative floor throughout the current two-year session? We got the totals.
‘All in, committed to winning’ – Padres new billionaire owners pledge upon approval of team sale
by Barry M. Bloom | Special to Times of San Diego
The sale of the Padres was unanimously approved Monday to a new ownership group, headed by Jose Feliciano and Kwanza Jones, via a conference call of the 30 Major League Baseball owners, the club announced.
The sale of the team, at a record valuation of $3.9 billion, is expected to close in the next few days. The vote had been anticipated.
The sale ends the reign of the Seidler family, among the heirs to Dodger owners Walter and Peter O’Malley. The family purchased the Padres from John Moores in 2012 for $800 million. Peter Seidler, as the club’s control person, invested heavily in the team on the field before dying of an infection on Nov. 14, 2023, at the age of 63.
