Keating Decision: Former Lincoln Savings & Loan...
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Keating Decision: Former Lincoln Savings & Loan operator Charles H. Keating Jr. on Wednesday lost his bid to overturn an order requiring him to pay $36.4 million in restitution for looting the Irvine thrift.
The U.S. 9th Circuit Court of Appeals upheld an order from the federal Office of Thrift Supervision, which enforced an administrative law judge’s recommendation.
Keating, who has said he is broke, had contended that the OTS should have safeguarded his rights by delaying the civil proceeding until criminal cases were over.
Keating is serving prison terms totaling 12 years, seven months for state and federal court convictions on racketeering, conspiracy and fraud charges stemming from Lincoln’s 1989 collapse, the nation’s second-costliest S&L; failure.
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