A request by Los Angeles County Dist....
A request by Los Angeles County Dist. Atty. Ira Reiner to impanel a special state grand jury to investigate the Lincoln Savings & Loan scandal was approved Thursday by the presiding judge of the Los Angeles County Superior Court.
Presiding Judge Richard Byrne approved the formation of the grand jury, which will look primarily into alleged criminal activity regarding the sale of $200 million in debt securities of Lincoln’s parent, American Continental Corp. in Phoenix, to some 22,000 small investors.
The probe joins a list of dozens of private, state and federal investigations, including a federal grand jury probe.
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