Ex-President of S&L; Receives 30 Years for Stealing $14 Million
A city judge today sentenced former Old Court Savings and Loan President Jeffrey Levitt to 30 years in prison for stealing more than $14 million in depositors’ funds.
Circuit Judge Edward Angeletti, who called Levitt’s misappropriation of funds at Old Court the largest theft in the state’s history, also ordered Levitt to pay $12,000 in fines within 30 days.
A run by depositors on Old Court in May, 1985, triggered a savings and loan crisis that affected more than 100 state-chartered thrifts in Maryland.
Levitt took the stand wearing leg irons, and said at the time he was president of Old Court he did not think about the criminality of his actions. But he said that in retrospect he realizes he has ruined many lives.
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