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Former Old Court President Turns Over Bonds

March 27, 1987

BALTIMORE (AP) _ Jeffrey A. Levitt, the former Old Court Savings and Loan president accused of hiding almost $2 million in bearer bonds from the state, has turned over $290,000 in the bonds.

The remaining $1.6 million in bonds was redeemed by Levitt in 1984 and 1985 for cash to pay off debts, some of them gambling debts, Paul Mark Sandler, Levitt’s attorney, said in a hearing Friday.

Levitt, his wife, Karol, and their two sons, Ross and Sanford, agreed with the state Feb. 20 to return all the family’s assets, except for about $360,000 Mrs. Levitt had inherited. The state took most of the Levitts’ property as restitution for some of the $14.6 million Levitt stole from Old Court.

Lawyers for Maryland Deposit Insurance Fund scoffed at Sandler’s explanation, saying there is no record of any of the $1.6 million in bonds being redeemed. They moved to rescind the Feb. 20 agreement, and asked Baltimore Circuit Court Judge Joseph H.H. Kaplan to impose on Karol, Ross and Sanford Levitt a spending limit of $50 a day until April 9.

Kaplan refused to impose the limit, and scheduled a hearing on the motion to rescind the agreement for April 9.