The former president of insolvent Columbus Savings...

The former president of insolvent Columbus Savings & Loan of San Rafael and a real estate developer have been indicted on fraud charges for allegedly making false statements in a $9.3-million joint venture. A federal grand jury in San Francisco handed down the indictments against Ted Musacchio, the former S&L; president, and Peter Frumenti, who headed Frumenti Development Corp. Musacchio was accused of “misapplication” of the money with “intent to defraud.” Frumenti was accused of stating falsely on a joint-venture agreement that he did not have a pre-existing or equitable interest in a project known as Serramonte Highlands.