LTT JET CHARTER IS GIVEN WRONG AZIMUTH IN A TFC POINTOUT AND IS ULTIMATELY VECTORED INTO AN NMAC WITH A MOONEY.

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MONTEREY APCH VECTORED US FOR R-HAND TFC RWY 28L FROM THE N AND HANDED US OFF TO TWR. TWR CLRED US TO LAND AND FOR THE FIRST TIME WHEN WE WERE BASE TO FINAL ISSUED TFC; A MOONEY AT OUR '1-2 O'CLOCK POS; 2700 FT.' WE SAW NO TFC AT THE TIME WHEN CTLR TOLD US TO 'STOP TURN.' TFC WAS ON FINAL FOR RWY 28R; AND AT OUR 11 O'CLOCK POS; NOT 2 O'CLOCK POS AS CTLR HAD INDICATED; AND PASSED ABOVE AND L. WHEN WE SPOTTED TFC WE BEGAN A DSCNT AND INITIATED A L TURN; OUR SHORTEST TURN TO STOP OUR CONVERGENCE AND ALSO TOWARD LOWER TERRAIN. OUR ALT THEN 1900+/- FT. WE CONTINUED OUR TURN 270 DEGS AND LANDED WITHOUT INCIDENT. IT APPEARS THAT THE LCL CTLR MISJUDGED OUR RELATIVE SPDS AND THOUGHT WE WOULD BE AHEAD OF THE MOONEY IN OUR SEQUENCE TO THE ARPT; XING HIS APCH PATH AHEAD OF HIM. CTLR ALSO ISSUED TFC ALERT AZIMUTH INCORRECTLY. ACTUALLY; WE WERE AT HIS (THE MOONEY'S) 1-2 O'CLOCK POS; NOT HE AT OURS. WE NEVER HEARD THE CTLR TALKING TO THE MOONEY OR ANY RESPONSE FROM THE PLT OF THAT ACFT. FREQUENTLY MONTEREY APCH WILL ISSUE LNDG CLRNCS -- PERHAPS HE FORGOT TO RETUNE.