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The Securities and Exchange Commission said Tuesday it waived civil penalties and forfeitures arising from insider trading charges against convicted savings and loan operator Charles Keating Jr.

The waiver was part of a settlement of civil charges the SEC brought against Keating, who is serving a 12-year jail term for racketeering and securities violations.

"The Commission determined not to seek imposition of disgorgement or a civil penalty in light of Keating's demonstrated lack of assets," the SEC said.

The agency noted Keating, who formerly controlled the now-defunct Lincoln Savings and Loan Association, is subject to outstanding judgments in excess of $2 billion.

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