Charles Keating's son has agreed to a $30 million restitution order to settle civil charges against him in the nation's largest savings and loan failure.
However, most of the money probably won't be paid, since Keating apparently has no assets.The settlement agreed to by Charles Keating III and announced Thursday by the Office of Thrift Supervision is intended to help compensate losses from failure of Lincoln Savings and Loan.
The elder Keating, who headed Lincoln, was convicted of California state charges of swindling investors and is serving a 10-year prison sentence.
The OTS had charged Keating, his son, his son-in-law, and several other former officers and directors of Lincoln's parent, American Continental Corp., with illegal actions that caused Lincoln significant losses.
By settling the charges, Keating III neither admitted nor denied them the charges.
The OTS reached a similar settlement last month with Keating's son-in-law, Robert M. Wurzelbacher, who was senior vice president of American Continental; Judy J. Wischer, who was its president; Robert J. Hubbard, Lincoln's former president; and Andre A. Niebling, Lincoln's former chairman.