Share this article

print logo

S&L EXECS INDICTED FOR FRAUD

The former chairman and three top executives of Midwest Federal Savings and Loan were indicted Tuesday on federal fraud and conspiracy charges involving financial losses sustained by the failed thrift.

Midwest Federal, which had assets of $3.5 billion, is being liquidated by the government at an expected cost of $1 billion. The thrift was about $1 billion in debt when it was seized by regulators in February 1989.

Indicted were Chairman Harold W. Greenwood Jr.; Charlotte E. Masica, former executive vice president and managing officer; Donald J. Snede, former senior vice president and chief financial officer; and Robert A. Mampel, former executive assistant to the chairman.

There are no comments - be the first to comment