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Vernon Savings Loan Association

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November 8, 1989 | JAMES BATES and JAMES S. GRANELLI, TIMES STAFF WRITERS
Former California Savings and Loan Commissioner Lawrence W. Taggart had loans outstanding from scandal-plagued Vernon Savings of Texas that may have been backdated to avoid a regulatory order, a California congressman alleged Tuesday. The loans also may have been part of an attempt by Vernon to try to invest in a California thrift, possibly without regulatory approval, according to other information obtained by The Times. The 1986 loans came up during questioning of Taggart by Rep.
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BUSINESS
February 28, 1992 | From Times Staff and Wire Reports
S&L Owner Faces New Indictments: Former thrift owner Don Dixon is facing new indictments stemming from the collapse of his Vernon Savings Assn. An eight-count indictment accuses Dixon of conspiracy, bank fraud, misapplication of funds and false bookkeeping entries for the purchase of two corporate jets. Also indicted was Dallas developer Tommy F. Stone. Stone's lawyer, Bill Hill, declined comment. Dixon is serving five years in prison for a prior bank fraud conviction.
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BUSINESS
April 3, 1991 | JAMES BATES, TIMES STAFF WRITER
Donald R. Dixon, the most visible of the Texas savings and loan renegades convicted of looting the industry in the 1980s, was sentenced Tuesday to five years in prison for fraud--an unexpectedly light penalty that shocked federal officials. Office of Thrift Supervision Director Timothy Ryan, the nation's top thrift regulator, called Dixon's sentence "very disappointing" and suggested that the sentence could hurt efforts by authorities to punish S&L crooks.
BUSINESS
November 11, 1989 | JAMES BATES, TIMES STAFF WRITER
New revelations Friday cast doubt on congressional testimony this week by former California Savings and Loan Commissioner Lawrence W. Taggart on his financial ties to a failed Texas thrift and his decision while commissioner to grant speculative investment powers to Lincoln Savings & Loan in Irvine. The revelations suggest that a personal loan provided to Taggart was used by a now-defunct Texas thrift to invest in a California savings and loan without proper regulatory approval.
BUSINESS
April 6, 1990 | From Reuters
The former chairman and chief executive of Vernon Savings & Loan Assn. of Texas was sentenced Thursday to 30 years in prison on charges of fraud, the stiffest sentence ever in the growing thrifts scandal. Woody Lemons, the former executive, was handed the sentence by U.S. District Judge Robert Maloney in Dallas. Lemons was convicted last December on all 13 counts of a grand jury indictment charging him with defrauding the bank.
BUSINESS
December 21, 1990 | From Reuters
A federal jury Thursday convicted Don Dixon, the former owner of Vernon Savings Assn., on 23 counts of fraud, saying his use of the thrift's money to live extravagantly helped cause its $1.3-billion collapse. Dixon "was the biggest of the highfliers among the savings and loan crooks," Atty. Gen. Dick Thornburgh said in a statement after the verdict was announced. "His excessive lifestyle and illegal management practices stood as a symbol of wrongdoing."
NEWS
October 27, 1990 | DOUGLAS FRANTZ, TIMES STAFF WRITER
Executives of a now-defunct Texas savings and loan contributed at least $3,500 to the 1986 reelection campaign of Sen. Alan Cranston (D-Calif.) after an oceanside meeting at which Cranston sought money from the thrift's flamboyant owner, federal records show. Donald R. Dixon, the former owner of Vernon Savings & Loan, is on trial in Dallas on charges that he used money from the thrift to make illegal payments to prostitutes and to 13 politicians, including Cranston.
BUSINESS
June 14, 1990 | DOUGLAS FRANTZ and RONALD J. OSTROW, TIMES STAFF WRITERS
A flamboyant former Texas savings and loan owner was charged Wednesday with using the thrift's money to contribute illegally to powerful politicians and to pay prostitutes. The federal indictment accuses Don R. Dixon of 38 criminal counts in the collapse of Vernon Savings & Loan in tiny Vernon, Tex.--a debacle that could cost taxpayers as much as $1.3 billion in one of the most expensive thrift failures ever.
BUSINESS
February 28, 1992 | From Times Staff and Wire Reports
S&L Owner Faces New Indictments: Former thrift owner Don Dixon is facing new indictments stemming from the collapse of his Vernon Savings Assn. An eight-count indictment accuses Dixon of conspiracy, bank fraud, misapplication of funds and false bookkeeping entries for the purchase of two corporate jets. Also indicted was Dallas developer Tommy F. Stone. Stone's lawyer, Bill Hill, declined comment. Dixon is serving five years in prison for a prior bank fraud conviction.
NEWS
December 3, 1989 | JAMES BATES, TIMES STAFF WRITER
So far, he has been only a bit player in the Lincoln Savings & Loan drama as it unfolds on the national stage. But without Lawrence W. Taggart, Lincoln would not be what it is today--a $2-billion debacle expected to rank as the most expensive thrift failure ever. As California's top thrift regulator in 1983 and 1984, it was Taggart who waved through Charles H. Keating Jr.'
BUSINESS
April 6, 1990 | From Reuters
The former chairman and chief executive of Vernon Savings & Loan Assn. of Texas was sentenced Thursday to 30 years in prison on charges of fraud, the stiffest sentence ever in the growing thrifts scandal. Woody Lemons, the former executive, was handed the sentence by U.S. District Judge Robert Maloney in Dallas. Lemons was convicted last December on all 13 counts of a grand jury indictment charging him with defrauding the bank.
NEWS
December 3, 1989 | JAMES BATES, TIMES STAFF WRITER
So far, he has been only a bit player in the Lincoln Savings & Loan drama as it unfolds on the national stage. But without Lawrence W. Taggart, Lincoln would not be what it is today--a $2-billion debacle expected to rank as the most expensive thrift failure ever. As California's top thrift regulator in 1983 and 1984, it was Taggart who waved through Charles H. Keating Jr.'
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