September 11, 1991 |
Payments on American Continental Corp. bonds to small investors were "woefully inadequate" compared to what sophisticated investors received from the company's other bond issues, an expert witness testified Tuesday in the criminal fraud trial of Charles H. Keating Jr. The bonds sold through the company's Lincoln Savings & Loan branches were the lowest ranking of three bond issues, Alfred E. Hofflander, a professor at UCLA's Graduate School of Management, told a Los Angeles Superior Court jury.
September 10, 1991 |
American Continental Corp. sold junk bonds through its Lincoln Savings & Loan branches without key safeguards that usually accompany securities sales, an expert witness testified Monday at the trial of Charles H. Keating Jr. in Los Angeles Superior Court. The company's bonds, which were sold from late 1986 to early 1989, were high-risk investments that were not suitable for the individual small investors targeted by the company, said Alfred E.
September 4, 1991 |
For a second time in a month, the criminal securities fraud trial of Charles H. Keating Jr. was disrupted Tuesday by a bondholder who accosted the former owner of Lincoln Savings & Loan during a break in proceedings. As Keating was returning to the courtroom, Skip E. Lowe, 62, a West Hollywood comedian, pulled a powdered blonde wig from an MGM movie travel bag and hit Keating twice near his right shoulder. "This is for America," Lowe said as he took a swipe.
June 8, 1991 |
A Superior Court judge Friday threw out 13 more criminal counts in a state securities fraud indictment against former thrift owner Charles H. Keating Jr. and three others and gave the defendants another chance to argue for the dismissal of the remaining 21 counts. Judge Lance A. Ito in Los Angeles also rejected the prosecution's theory of the case, which would have held Keating accountable criminally for the actions of employees without his knowledge.
March 23, 1991 |
A former in-house attorney for Lincoln Savings & Loan and its parent firm was accused in a criminal filing Friday of conspiring to deceive thrift regulators into thinking that the Irvine thrift's lending activities complied with regulations. The U.S. attorney's office charged in an information filed in U.S. District Court in Los Angeles that Mark S.
February 13, 1991 |
Former Gov. George Deukmejian, whose administration was touched by the Lincoln Savings & Loan scandal, recently joined a law firm that is a defendant in litigation involving the failed Irvine-based thrift. The Chicago-based law firm of Sidley & Austin is being sued by bondholders of Lincoln's former parent company, American Continental Corp. in Phoenix. And federal regulators said they may add the law firm to the government's pending $1.
December 13, 1990 |
The Senate Ethics Committee on Wednesday held a closed session to question James Grogan, an aide to Charles H. Keating Jr. with extensive knowledge of Keating's ties to five senators. Grogan was compelled to answer questions under a grant of limited immunity and was ordered to return today.
December 10, 1990 |
Sen. Alan Cranston (D-Calif.) played a more active and independent role than any of the other so-called Keating Five senators in assisting the former owner of Lincoln Savings & Loan, according to evidence gathered by the Senate Ethics Committee.
November 10, 1990 |
A Los Angeles Superior Court judge Friday set aside more than half of the state fraud charges filed against former thrift owner Charles H. Keating Jr. and three co-defendants because they were too vague or failed to show a violation of law. The ruling on 22 counts of the 42-count indictment was a blow to prosecutors. Judge Lance A. Ito gave them until Nov. 19 to file an amended indictment against the former top executives at the failed Lincoln Savings & Loan in Irvine and its parent company.