Wymer’s Trial Date Set for Sept. 15

A Sept. 15 trial date has been set for Newport Beach investment adviser Steven D. Wymer on charges he stole $113 million from clients, including more than $6 million in Torrance city funds.

Prosecutors allege that the money disappeared while Wymer was supposedly investing it in U.S. Treasury bonds for about 100 cities in Iowa and California, including Torrance and the Orange County city of Orange.

It isn’t clear where the money went, since prosecutors are still trying to trace it. It’s likely, they say, that not all of the money will be recovered and that cities like Torrance will have to absorb at least some of their losses.

The loss of the Torrance money has become a campaign issue in next week’s City Council elections, with most candidates saying the now elective office of city treasurer should become an appointed post.

Wymer, 43, and his companies managed a total of $1.2 billion for his clients, most of which were cities. He piled up that much business by promising cities larger-than-usual returns on their investments.

Wymer says he’s innocent of the 30 charges of securities fraud and money laundering the government has levied against him; he lost the money in bad--but legitimate--investments, he maintains. He is free on $650,000 bond. As part of the bail agreement, Wymer wears an electronic monitoring device on his ankle.

At a meeting Monday with U.S. District Judge Richard A. Gadbois Jr., prosecutors said that the trial could take up to six weeks and that the government may call as many as 40 witnesses, Assistant U.S. Atty. Jean Kawahara said.