October 30, 1986
Knapp, former chairman of Irvine-based Financial Corp. of America, also charged the thrift's current management with securities laws violations. The suit, filed in U.S. District Court in Los Angeles, seeks $100 million in punitive damages. The suit is a counterclaim against FCA, which sued Knapp after FCA, the parent of American Savings, was sued by shareholders. William Popejoy, FCA chairman, said in a statement that FCA management wouldn't "waste its time" commenting on Knapp's claims.
November 9, 1993 |
Convicted financier Charles W. Knapp should be sentenced to nine years in prison and ordered to pay $11.2 million in restitution for defrauding an Arizona thrift in 1988, federal prosecutors urged in court documents filed Monday in Los Angeles. Knapp, a high-flying thrift executive in California during the early 1980s who later tried to build an investment banking empire, was found guilty in July of lying to obtain a $15-million loan from Western Savings & Loan in Phoenix.
March 9, 1993 |
Charles W. Knapp Pleads Innocent: Knapp, whose American Savings & Loan was the largest thrift ever to fail, pleaded innocent to charges he defrauded another collapsed S&L by lying to obtain a $15-million unsecured loan that was never repaid. His lawyer insisted that prosecutors are criminalizing what was in effect a character loan to a start-up mortgage banking business. Phoenix-based Western Savings knew all the important financial details about Knapp and the deal, attorney John J. Bartko
January 1, 1990 |
California's image as a pacesetter held up fairly well in the 1980s in the world of business and economics. Californians were a force for dramatic change. Some achieved change on a grand scale--inspiring a revolution in economic policy or transforming corporate finance. Some of the change may seem minor, but it altered our daily routines and our life styles.