BANKING & FINANCE - April 1, 1992
From Times Staff and Wire Reports
Spiegel Hearing Delayed: A judge postponed until Thursday federal administrative hearings on whether former Columbia Savings & Loan Chief Executive Thomas Spiegel squandered Columbia funds. The delay is due to the fact Spiegel’s lawyers are seeking documents that are part of a criminal grand jury investigation. Federal regulators with the Office of Thrift Supervision are seeking $40 million in restitution from Spiegel. Meanwhile, the OTS also issued an amended temporary cease-and-desist order to preserve the agency’s priority claims on Spiegel’s assets. The agency said the amended order became necessary after Spiegel sold two properties in Indian Wells to satisfy a legal judgment.
