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Vegas mortgage operator jailed

Thursday, April 25, 2002 | 11:13 a.m.

David Ferradino, the former operator of insolvent Interstate Mortgage of Las Vegas, was taken into custody Wednesday after he allegedly failed to fully disclose all of his assets to the Attorney General's office.

The state wants to seize assets of Ferradino so Interstate investors, who are owed some $2.09 million, can be paid back.

Ferradino was sentenced in January to five years of probation and ordered to pay $4.2 million in restitution to some 90 investors after he pleaded guilty to stealing from them.

He is now being held in custody on the order of Clark County District Judge Lee Gates at the Clark County Detention Center for seven days for an alleged "lack of diligence in producing information regarding his assets," said Joseph Long, deputy attorney general.

Ferradino is now required to provide complete disclosure of his assets at a hearing scheduled May 1. "(The state) has done extensive asset searches that indicate Ferradino holds significant assets," said Long.

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