OTHER NEWS - Aug. 3, 1992

CenTrust Chief Faces First Trial on Government Charges: David Paul, former head of CenTrust Savings, faces trial in Miami today in a civil case brought by the Office of Thrift Supervision over $3.2 million in fines. Paul is a focal point in three major financial scandals: the savings and loan bailout, Michael Milken’s junk bond sales and the rogue international bank BCCI. Regulators say Paul ran CenTrust “to satisfy his insatiable vanity and ego,” buying $29 million in Old Masters paintings, a $233,000 sailboat, $30,000 in gifts from Tiffany and $22,000 in imported table linen. He also faces a 100-count criminal indictment expected to come to trial late next year, the second part of the trial on OTS’ civil charges set for January, and a raft of private civil lawsuits.