Charles H. Keating Jr., who became the poster child of the savings and loan debacle 25 years ago after his Irvine thrift was seized by federal regulators in what at the time was the nation's costliest bank collapse, has died, the Los Angeles Times reports. He was 90.
In the early 1990s, state and federal juries in Los Angeles convicted Keating of swindling thousands of Lincoln Savings & Loan customers and looting the thrift, whose failure cost the government $3.1 billion.
Those convictions eventually were overturned, and Keating pleaded guilty instead to bankruptcy fraud charges in Phoenix, his adopted home and the city where Lincoln's parent company, American Continental Corp., was based. He served 4 1/2 years in prison.
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