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Article: Former Lincoln Savings and Loan Chief Faces More Appeals Tests.(Originated from The Orange County Register, Calif.)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 4, 1996
- Author:
CopyrightCOPYRIGHT 1996 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Apr. 4--The state fraud conviction of Irvine-based Lincoln Savings and Loan boss Charles H. Keating Jr. was thrown out Wednesday by a federal judge who ruled that trial judge Lance Ito gave unconstitutional instructions to the jury.
Keating, 72, remains in jail on a Lincoln-related federal fraud conviction. He is scheduled to remain there for five more years. Lincoln, whose failure cost U.S. taxpayers $3.4 billion, became a symbol of 1980s financial excess with high-risk land bets, deep political ties and 23,000 mainly elderly bondholders whose $200 million in investments were wiped out by Lincoln's demise in 1989.
"I used to go to bed thinking about him and ...