> 04-10-1999 05:05:12 PM PST
>
> LOS ANGELES (Reuters) - Charles Keating Jr., whose failed Lincoln
> Savings and Loan symbolized the thrift industry's crash in the 1980s,
> pleaded guilty Tuesday to federal fraud charges and was sentenced to the
> time he already has served in prison. Keating, 75, pleaded guilty to
> three counts of wire fraud and one count of bankruptcy fraud, charges
> which could have meant a maximum of 20 years in prison and a $1 million
> fine if he had been convicted at trial.
>
> Federal charges against his son, Charles Keating III, were dropped.
> Under the original indictments, the elder Keating faced 73 counts of
> racketeering, conspiracy and fraud. His son was charged with 64 counts.
>
> Lincoln's failure ultimately cost U.S. taxpayers $2.6 billion, making it
> the costliest thrift crash in U.S. history.