Sealed Indictments Reportedly Name Keating, 3 Others : Thrifts: Sources say criminal charges are made about the allegedly fraudulent sale of nearly $200 million in American Continental Corp. bonds through Lincoln S&L; branches.

A state grand jury investigating the failed Lincoln Savings & Loan has issued sealed indictments of Phoenix developer Charles H. Keating Jr. and three others, and the charges are expected to be made public today, sources said Monday.

The indictments will be the first criminal charges brought relating to Irvine-based Lincoln, which collapsed 17 months ago. The failure is expected to cost taxpayers more than $2 billion, making it one of the costliest ever.

A spokeswoman for Los Angeles County Dist. Atty. Ira Reiner, who in December was appointed a special state prosecutor to investigate Lincoln, confirmed that his office “has concluded its presentation of evidence to the grand jury.” The spokeswoman would not say whether indictments had been issued.

However, sources close to the probe said the state grand jury, which has been meeting in Van Nuys since mid-April, has issued sealed indictments that are expected to be filed in Los Angeles County Superior Court this morning.

The grand jury focused on the allegedly fraudulent sale of nearly $200 million in American Continental Corp. bonds through Lincoln branches. American Continental in Phoenix was the parent of Lincoln, and most of its bonds--now nearly worthless--were sold to Lincoln depositors and elderly investors.

Sources the grand jury had issued indictments against Keating, American Continental’s former chairman; Judy Wischer, American Continental’s former president, and Ray Fidel and Robin Symes, both former presidents of Lincoln.

Keating’s lawyers would not comment on the investigation. Representatives for the others either declined comment or could not be reached.

KCBS-TV in Los Angeles reported Monday night that Keating would be arraigned in Superior Court today on charges of criminal fraud.

Keating and other Lincoln and American Continental officers and directors, as well as the lawyers and accountant who advised them, are also under scrutiny in a wide-ranging federal grand jury probe centered in Los Angeles, Phoenix and Washington.

Also pending is a civil racketeering lawsuit filed by federal regulators against Keating and other former American Continental executives.