BANKING & FINANCE - Jan. 30, 1992
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Keating Arraigned in Phoenix: Charles H. Keating Jr. and two other top executives of now-defunct American Continental Corp. pleaded innocent in Phoenix to federal bankruptcy fraud and conspiracy charges. They are accused of looting almost $975,000 from the company before it filed for bankruptcy protection on April 13, 1989, in the wake of the $2.6-billion failure of its principal subsidiary, Lincoln Savings & Loan in Irvine. Keating, 64, who was American Continental’s chairman, and Andrew Ligett, 34, the treasurer, entered their pleas before U.S. District Judge Michael Mignella in Phoenix. American Continental President Judy Wischer, 43, entered her plea on Tuesday.
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