Advertisement
YOU ARE HERE: LAT HomeCollectionsWestern Savings Loan Association
IN THE NEWS

Western Savings Loan Association

FEATURED ARTICLES
BUSINESS
October 4, 1990 | From Associated Press
A federal judge has awarded a Dallas thrift more than $464 million in damages stemming from civil fraud and racketeering lawsuits against the borrowers from an associate institution. U.S. District Judge Jerry Buchmeyer ordered the award to Sunbelt Savings of Dallas on Sept. 28. The action was the result of lawsuits accusing borrowers of defrauding Western Savings Assn. Western is one of eight insolvent Texas thrifts combined to form Sunbelt in 1988.
ARTICLES BY DATE
BUSINESS
December 12, 1995 | F. PELTZ, TIMES STAFF WRITER
A federal appeals court Monday threw out a 6 1/2-year prison sentence imposed on Los Angeles financier Charles W. Knapp for defrauding an Arizona thrift, saying it was too harsh a penalty in light of the evidence. The court ordered him to be resentenced. But the U.S.
Advertisement
BUSINESS
December 15, 1993 | DAVID W. MYERS, TIMES STAFF WRITER
The Securities and Exchange Commission has filed charges against Charles W. Knapp and some of his former business associates, accusing them of taking part in a fraudulent scheme to raise money in the securities market for a Beverly Hills-based bank that eventually failed. The SEC action, filed Monday, was announced Tuesday as Knapp was being sentenced to 6 1/2 years in prison by a Los Angeles federal court for his role in defrauding an Arizona savings and loan.
BUSINESS
October 3, 1991 | From Times Staff and Wire Reports
Accounting Firm Wins Thrift Case: An accounting firm cannot be held responsible for the collapse of Western Savings Assn., a federal judge has ruled. U.S. District Judge Barefoot Sanders dismissed a $560-million lawsuit filed by the Federal Deposit Insurance against Ernst & Young in connection with the 1986 failure of Western Savings, based in Dallas. The FDIC alleged that a predecessor of the accounting firm, Arthur Young & Co., should have uncovered problems in 1984 and 1985 audits.
BUSINESS
June 27, 1992 | From Times Staff and Wire Reports
RTC Counsel Barred From Suits: The Resolution Trust Corp. has barred Gerald L. Jacobs, its general counsel, from considering potential lawsuits against former savings and loan officials while his own links with a failed thrift are being investigated. The RTC's inspector general, the agency's internal watchdog, is looking into the relationship between Jacobs and a real estate company, Dicor Inc., that did business with the now-defunct Western Savings & Loan Assn. in Phoenix.
BUSINESS
March 9, 1993 | From Times Staff and Wire Reports
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
BUSINESS
December 15, 1993 | DAVID W. MYERS, TIMES STAFF WRITER
The Securities and Exchange Commission has filed charges against Charles W. Knapp and some of his former business associates, accusing them of taking part in a fraudulent scheme to raise money in the securities market for a Beverly Hills-based bank that eventually failed. The SEC action, filed Monday, was announced Tuesday as Knapp was being sentenced to 6 1/2 years in prison by a Los Angeles federal court for his role in defrauding an Arizona savings and loan.
BUSINESS
July 12, 1990 | RONALD J. OSTROW, TIMES STAFF WRITER
Moving against one of the nation's costliest savings and loan failures, a federal grand jury indicted the former chairman of a Texas thrift Wednesday on charges of bank fraud, misapplying funds and making false statements arising from a $700-million Southern California real estate purchase. The defendant, Edwin T. McBirney III, resigned as chairman of Sunbelt Savings Assn. under pressure from federal regulators in 1986.
BUSINESS
October 6, 1992 | TOM FURLONG, TIMES STAFF WRITER
The fortunes of Los Angeles financier Charles W. Knapp--once head of the country's biggest savings and loan--have taken a sharp turn for the worse. Citing heavy legal obligations and credit card bills, Knapp and his wife, movie actress Lois Hamilton, filed a Chapter 11 bankruptcy petition in Los Angeles last month to allow them breathing room to reorganize their deteriorating finances.
BUSINESS
December 15, 1993 | JAMES F. PELTZ, TIMES STAFF WRITER
Charles W. Knapp, the maverick money man who once headed the nation's largest savings and loan, was sentenced Tuesday to 6 1/2 years in prison for duping an Arizona savings and loan into lending him $15 million. Knapp, 59, was also ordered to pay $11 million in restitution--a sum prosecutors claimed was the amount Western Savings & Loan in Phoenix lost on the Knapp loan. The stiff sentence, handed down by U.S. District Judge Stephen V.
BUSINESS
November 9, 1993 | JAMES F. PELTZ, TIMES STAFF WRITER
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.
BUSINESS
March 9, 1993 | From Times Staff and Wire Reports
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
BUSINESS
October 6, 1992 | TOM FURLONG, TIMES STAFF WRITER
The fortunes of Los Angeles financier Charles W. Knapp--once head of the country's biggest savings and loan--have taken a sharp turn for the worse. Citing heavy legal obligations and credit card bills, Knapp and his wife, movie actress Lois Hamilton, filed a Chapter 11 bankruptcy petition in Los Angeles last month to allow them breathing room to reorganize their deteriorating finances.
BUSINESS
June 27, 1992 | From Times Staff and Wire Reports
RTC Counsel Barred From Suits: The Resolution Trust Corp. has barred Gerald L. Jacobs, its general counsel, from considering potential lawsuits against former savings and loan officials while his own links with a failed thrift are being investigated. The RTC's inspector general, the agency's internal watchdog, is looking into the relationship between Jacobs and a real estate company, Dicor Inc., that did business with the now-defunct Western Savings & Loan Assn. in Phoenix.
BUSINESS
June 19, 1992 | The Washington Post
Gerald L. Jacobs, general counsel to the Resolution Trust Corp., formerly represented a real estate development company accused in a $1.3-billion RTC lawsuit last week of participating in "sham" land deals with now-defunct Western Savings & Loan Assn. Transactions involving Dicor Inc. of Phoenix were described in the civil racketeering case filed Saturday against some of Western's former owners and borrowers.
BUSINESS
October 26, 1990 | DOUGLAS FRANTZ, TIMES STAFF WRITER
The former owner of a failed Dallas savings and loan was indicted Thursday on charges that he made millions of dollars in fraudulent loans to prop up the institution while transferring $7 million from the thrift to himself. A 37-count indictment returned by a federal grand jury in Dallas charged Jarrett E. Woods Jr., former owner and chief executive of Western Savings Assn., with bank fraud, misapplication of bank funds, making false ledger entries and conspiracy.
BUSINESS
February 25, 1989 | From United Press International
Western Savings & Loan Assn. on Friday reported a fourth-quarter loss of $153 million, contrasted with earnings of $4.46 million in the year-earlier quarter. The company attributed the loss to a $125-million increase in loan-loss reserves, rising interest rates and a soft real estate market in the Southwest. For the year, the loss was $150 million, contrasted with earnings of $33.41 million the year before. The company said the loss reduces its regulatory net worth to about $200 million, or 3.
BUSINESS
June 15, 1992 | SUSAN SCHMIDT, WASHINGTON POST
The federal government has filed civil fraud and racketeering charges seeking more than $1.5 billion from officials and borrowers of the now-defunct Western Savings & Loan Assn. of Phoenix, a thrift that lent millions of dollars to finance desert parkways and planned communities that never got off the ground. Lawyers for the Resolution Trust Corp.
BUSINESS
October 3, 1991 | From Times Staff and Wire Reports
Accounting Firm Wins Thrift Case: An accounting firm cannot be held responsible for the collapse of Western Savings Assn., a federal judge has ruled. U.S. District Judge Barefoot Sanders dismissed a $560-million lawsuit filed by the Federal Deposit Insurance against Ernst & Young in connection with the 1986 failure of Western Savings, based in Dallas. The FDIC alleged that a predecessor of the accounting firm, Arthur Young & Co., should have uncovered problems in 1984 and 1985 audits.
Los Angeles Times Articles
|