Ex-Head of Dallas Thrift Pleads Guilty: Former...

Ex-Head of Dallas Thrift Pleads Guilty: Former Dallas thrift President Edwin T. McBirney III agreed to plead guilty to fraud and help federal investigators chase other thrift scandal figures, the Justice Department said. McBirney led Sunbelt Savings Assn., whose 1986 failure is estimated to have cost taxpayers $2 billion. In return for his help, prosecutors agreed to limit McBirney’s penalty to $7.5 million in restitution and $8.5 million to settle civil claims by the Federal Deposit Insurance Corp. McBirney also may be sentenced to up to 15 years imprisonment. He is the second major thrift official in two days to be convicted of wrongdoing that cost taxpayers billions of dollars. A federal court jury on Thursday found former Vernon Savings Assn. owner Don R. Dixon guilty of 23 counts of fraud and misapplication of funds.