Charles H. Keating, financier known for Savings and Loan scandal, dies at 90
Charles H. Keating, a financier who gained fame in the Savings and Loan scandal of the late 1980s, died in Phoenix at the age of 90 Monday night, MyFoxPhoenix.com reported Tuesday, citing multiple sources.
Keating was the former head of Lincoln Savings and Loan, which became known for its involvement with the "Keating Five," who included Sen. John McCain, R-Ariz., and former senators Dennis DeConcini, D-Ariz., Alan Cranston, D-Calif., John Glenn, D-Ohio, and Donald W. Riegle Jr., D-Mich. The five were accused of improperly intervening on Keating's behalf in a regulatory investigation by a federal agency into Lincoln.
Two years later, at a cost of more than $3 billion to the federal government, Lincoln collapsed, defrauding thousdands of bondholders.
Keating eventually served five years in a federal prison, though his conviction was later overturned. In 1999, he pled guilty to lesser charges and was sentenced to time already served.
The cause of death was not immediately known.