Charles Keating III Released from Prison
LOS ANGELES (AP) _ The son of convicted financier Charles Keating Jr. posted $150,000 bail and was released from jail after about 20 friends and relatives drummed up the money.
Charles Keating III left the Metropolitan Detention center Thursday. He was the last to make bail out of five defendants tied to the collapse of Lincoln Savings. His father was released Dec. 24 on $300,000 bail.
Paul Abrams, a deputy federal public defender representing the younger Keating, said about 20 friends and relatives used $90,000 in cash and $60,000 worth of property to secure the bail.
Keating, his son, and three other defendants are charged in a 77-count federal indictment that accuses them of swindling more than $250 million from investors by selling bonds issued by American Continental Corp. of Phoenix.
American Continental was the parent company of the Irvine-based thrift, which collapsed at a cost of $2.6 billion.
Earlier in December, Keating was convicted of fraud in a state court for his role in duping Lincoln customers.