NATION : Ex-S&L; Chief Hit for $30 Million
The Office of Thrift Supervision said today that it will seek $30.8 million in restitution from David L. Paul, the former chairman of the failed CenTrust Bank of Miami.
OTS officials told a news conference that it is the second-largest amount they are seeking in a savings-and-loan case.
They said Paul’s “insatiable vanity and greed” were a major factor in the failure of CenTrust, which will cost taxpayers an estimated $1.7 billion.
The thrift agency said it is serving Paul with an order demanding restitution to CenTrust and barring him from selling or transferring any assets of more than $5,000.
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