Appeals Court Refuses to Reinstate 12 Counts Against Keating Group
- Share via
The state Court of Appeal has refused to reinstate 12 counts in the state securities fraud indictment against former Lincoln Savings & Loan owner Charles H. Keating Jr. and three others.
The order from a three-judge state panel last Thursday leaves intact Los Angeles County Superior Court Judge Lance A. Ito’s January ruling that six counts did not state a criminal offense and six others had been so rewritten by prosecutors that they no longer expressed the grand jury’s intent.
The Los Angeles County district attorney’s office has a 34-count indictment remaining. It accuses the Keating group of making false statements or omitting material information in selling securities at Lincoln’s Southern California branches and of selling securities without proper authority.
The charges carry a maximum penalty of 10 years in prison, the same as for the 46-count indictment.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
