BANKING & FINANCE - March 15, 1994
From Times Staff and Wire Reports
Keating Reportedly to Settle SEC Charges: Charles Keating Jr., the former Lincoln Savings & Loan chief, will settle securities fraud charges by forfeiting any money regulators can find in his accounts, Associated Press reported. Keating, 70, who is serving a 12-year federal prison sentence on related criminal charges, was accused by the Securities and Exchange Commission of inflating financial statements and using misleading sales practices to peddle more than $200 million in risky securities as safe investments. Keating agreed to repay millions of dollars--if he is ever found to have hidden assets--but the SEC would be unable to seize future earnings.
