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The new RTC will make insured places from the those institutions open to their clients. Keating’s Lincoln Discounts were not successful within the 1989, charging government entities more than $step three billion and you can leaving 23,000 consumers having worthless ties. In the early 1990′s, Keating is convicted in both state and federal courts of several counts of scam, racketeering and you can conspiracy. He supported four . 5 ages in the prison ahead of the individuals convictions were overturned inside the 1996. Within the 1999, he pleaded guilty to help you a far more restricted set of wire ripoff and you will bankruptcy proceeding scam counts, and you can sentenced to the go out he’d currently offered.