Savings and loan chief sentenced

Friday 09 July 1993 23:02 BST

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Charles Keating, the former chief of the now-defunct Lincoln Savings and Loan, was sentenced in Los Angeles to 121 2 years in prison for racketeering and securities violations. He was also ordered to pay dollars 122m in restitution to federal authorities for his bank's collapse, which cost taxpayers an estimated dollars 2.6bn. The judge said the sentence was high because the scope of his crime was 'staggering in proportion'.

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Savings and loan chief sentenced

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