P.M. BRIEFING : Appeals Court Clears Executives Convicted in Ohio S&L; Collapse
A state appeals court today threw out Ohio’s convictions of former Home State Savings Bank owner Marvin Warner and a former president in connection with the thrift’s collapse in 1985.
Both Warner and David Schiebel have been free on bond appealing their March, 1987, convictions.
Cincinnati-based Home State collapsed in 1985, triggering Ohio’s savings-and-loan crisis of that year.
A three-judge panel of the 1st Ohio District Court of Appeals also threw out a lower court’s order that Warner pay $22 million in restitution to Ohio and $250,000 in prosecution costs, and that Schiebel pay $25,000 in prosecution costs.
The appeals court said the cost and restitution penalties were based on a statement of fees submitted by the state that had not been certified as correct and legal by the prosecutor or by the clerk of the Hamilton County Common Pleas Court.
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