Charles H Keating Jr., who was well known on the savings and loan scandal involving some senators during the 1980's, died on Monday night. Sources confirmed that the ill-famed banker and financier passed away at the age of 90.
Charles H Keating Jr. was regarded as the disreputable financier involved in one of the most expensive savings and loan failure in the past. He also was sentenced in prison and had completed his time. The source who divulge about the banker's death remained anonymous for reasons that the individual was not authorized to provide any information about the deceased.
Keating was born and raised in Cincinnati, he started a home construction company in Phoenix, the American Continental Corp., and purchased Lincoln Savings and Loan in 1984, in Irvine, California. The famous banker was able to increased his estimated worth for a four year period from $1.1 billion to $5.5 billion.
The banker was able to build a solid financial and real estate empire, but it was considered to be the results of abusing the unstable government laws and regulations about banking investments. Keating also built leading residential developments such as Estrella Mountian Ranch and Dobson Ranch. He was accused and convicted for swindling investors causing the fall of his financial empire. He was selling $200 million worth of unsecured bonds to his Lincoln Savings and Loan customers. The bonds lost all its value during the declaration of bankruptcy of the company.
The savings and loan fraud affected much on the taxpayers costing around $2.6 billion, also involving 5 senators, including the Republican Senator John McCain from Arizona, who also ran for the presidency during the 2008 elections.
Charles H Keating Jr., was believed to have lived a very illustrious and high-end lifestyle. He still considers himself innocent from the savings and loan scandal despite the conviction. Keiting lived a long and scandalous life and died at the age of 90.
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