Keating Lincoln Savings Irvine Fraudulent Bond Scheme

Timeline Eventconfirmed
corporate-crimewhite-collar-crimefinancial-fraudsavings-and-loan-crisisinvestment-fraud
Corporate CaptureSystematic CorruptionFinancial Capture
Actors:Charles H. Keating Jr., Lincoln Savings and Loan Association
1987-12-01 · 1 min read

Charles H. Keating Jr.'s Lincoln Savings and Loan Association in Irvine, California, was discovered to have $135 million in unreported losses and substantially exceeded risky investment limits. The bank was selling high-risk, uninsured junk bonds to 22,000 unsuspecting investors, many of whom would lose their life savings. By 1989, the collapse cost the federal government over $3 billion.

Sources

  1. Britannica - Charles H. Keating BiographyBritannica(2023)
  2. Buffalo News - Obituary: Charles H. KeatingBuffalonews(2014)
  3. FDIC Bibliography: S&L Crisis - Charles Keating CaseFdic(2023)
  4. Senate Ethics Inquiry Bibliography: Lincoln Savings and LoanKeating(1989)