SAN FRANCISCO — A U.S. District Court jury convicted financier J. William Oldenburg Wednesday of one count in a $26.5-million savings and loan fraud case but deadlocked on six other counts and was dismissed by the judge.
U.S. Atty. Joseph Russionello contended in the five-week trial that Oldenburg bilked the since-failed State Savings of Salt Lake City, which he controlled, by causing the thrift to buy a 363-acre Richmond, Calif., land parcel for $26.5 million in 1984.
The parcel was owned by another Oldenburg firm, Investment Mortgage International, of San Francisco, which was in financial trouble. The property had been acquired in 1979 for about $1 million.
The jurors convicted Oldenburg, 51, who once owned the Los Angeles Express of the now-defunct U.S. Football League, of the single count and told U.S. District Judge F. Lynch that after four days of deliberations, there was no reason to continue seeking unanimous agreement on the other counts.