Flip Darr figured that he would chalk up an easy win during a round of races at a back-yard pool party in 1973. His opponent was 11 years older, and Darr recalls thinking that "I could beat him, this old duck."

But the "old duck" was Charles H. Keating Jr., 1946 national collegiate breast stroke champion and a man with an overpowering drive to win. Darr, then barely 40, didn't stand a chance against his opponent, then 51.

"He cleaned my clock. I was humbled," said Darr, now coach of the Saddleback College swim and water polo teams. "He's a great swimmer, a competitor from the word go."

There is no doubt that Keating is a fighter. And now he faces the biggest fight of his life.

Keating, former chairman of American Continental Corp., the parent of Irvine-based Lincoln Savings & Loan, was jailed Tuesday after a state grand jury returned a 42-count indictment for fraud against him. Three business associates were also indicted and jailed.

Keating has steadfastly denied that he defrauded any securities purchasers, pointing out that the public prospectus accompanying the offering detailed the company's financial condition and stated flatly that the bonds were not insured. He also asserts that he is not to blame for Lincoln's failure.

In the past year, through a multitude of public hearings, press interviews and talk-show appearances, Keating has portrayed himself as a victim of incompetent, meddlesome, vindictive government bureaucrats who never understood him or his business.

But the criminal charges, a $1.1-billion civil racketeering suit filed by the government and a slew of other lawsuits paint a portrait of Keating not as a law-abiding attorney and executive but as a sophisticated con artist.

After buying Lincoln in 1984 through American Continental, Keating built the S&L into one of the nation's high-flying thrifts. It moved from making traditional home loans to more risky junk bond and real estate investments.

By the time American Continental filed for bankruptcy in 1989 and Lincoln was seized by regulators, Keating had ruffled lots of feathers. And he left thousands of investors angry.

The failure of Lincoln is estimated to cost

$2 billion, making it one of the most costly in the nation's history.

Despite his reputation as a man who is easy to dislike, Keating--ever quick with a smile or a handshake--can be gregarious and charming.