Ex-S&L; President Admits Theft
Jeffrey A. Levitt, whose ouster as Old Court Savings and Loan president last year sparked a run on Maryland’s privately insured thrift industry, pleaded guilty today to theft and misappropriation of almost $15 million of depositors’ funds.
Levitt also pledged to repay the full amount before he is sentenced on July 2. Prosecutors requested a minimum 25-year prison term for the 44-year-old financier and lawyer, the first person indicted as a result of an investigation of illegal activities by a few Maryland S&L; owners and officers.
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